SOURCE: Paragon Financial Limited

Paragon Financial Limited

November 07, 2011 08:16 ET

Hercules Offshore and Magnum Hunter Resources Benefit From Strong Oil Market

The Paragon Report Provides Equity Research on Hercules Offshore & Magnum Hunter Resources

NEW YORK, NY--(Marketwire - Nov 7, 2011) - Oil and natural gas prices have been on the rise recently which bodes well for oil & gas companies. Forecasts of cold weather approaching the Eastern Seaboard have helped drive natural gas prices up, as consumption looks poised to increase as temperatures drop. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on Hercules Offshore, Inc. (NASDAQ: HERO) and Magnum Hunter Resources Corporation (NYSE: MHR). Access to the full company reports can be found at:

Global average demand for crude oil reached 86.6 million barrels a day in 2010, the highest level since 2007, and is set to increase by almost two million barrels a day each year over the next two years, according to the latest Deloitte periodical publication, Middle East Point of View. Kuwait's Oil Minister Mohammad al-Baseeri said that based on OPEC estimates, world market demand is forecast to grow by between 1.0 and 1.5 million barrels per day "for the rest of this year and the beginning of next year."

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Interest in the Oil and Gas Sector has skyrocketed in the wake of Muammar Gaddafi's demise. With his death came an easing of tensions and fighting in the region, sparking renewed interest in exploring the country's vast oil resources. Approximately 75 percent of the country's potential oil territory is still unexplored. Gaddafi kept tight control over the region and political unrest previously deterred many oil companies from investing in the region. All of that is expected to change and investors would be wise to track which companies are making plays in the region.

Shallow water drilling contractor, Hercules Offshore Inc, posted a wider-than-expected quarterly loss on lower international revenue, hurt by lower market rates for new contracts. However, the company said average dayrates in its domestic offshore segment rose by nearly $10,000 per day over the past year with a further upside expected.

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