SOURCE: The Bedford Report

The Bedford Report

September 02, 2011 08:16 ET

Hercules Offshore and Magnum Hunter Resources Well Positioned for Downturn in Oil Prices

The Bedford Report Provides Stock Research on Hercules Offshore & Magnum Hunter Resources

NEW YORK, NY--(Marketwire - Sep 2, 2011) - In recent weeks slumping oil prices have caused a noticeable drop in shares of several companies in the Oil & Gas Drilling & Exploration sector. Companies focused on offshore exploration appear better positioned for any price drop as reports argue that the percent of oil obtained offshore is likely to increase. The Bedford Report examines the outlook for companies in the Oil & Gas Drilling & Exploration and provides equity research on Hercules Offshore Drilling, Inc. (NASDAQ: HERO) and Magnum Hunter Resources Corporation (NYSE Amex: MHR). Access to the full company reports can be found at:

The International Energy Agency (IEA) recently forecast threats to global economic recovery may cut oil demand growth next year by more than 60 percent, while keeping underlying forecasts for 2011 and 2012 little changed.

Greg Priddy, director of global oil at consultancy Eurasia Group, told The Wall Street Journal that "the evidence accumulating of very slow growth in the US economy and substantial demand destruction... the main risk in the crude oil market over the next quarter will be to the downside."

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Hercules Offshore is a worldwide provider of offshore contract drilling, liftboat and inland barge services. The company operates a fleet of 49 jackup rigs, 17 barge rigs, 65 liftboats, two submersible rigs and one platform rig.

Magnum Hunter Resources Corporation is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas, primarily in West Virginia, Kentucky, Ohio, Texas, North Dakota and Saskatchewan, Canada. As a result of a production boost and higher oil and gas prices, Magnum Hunter reported an increase in revenues of 223 percent for the six months ended June 30, 2011 compared to the six months ended June 30, 2010.

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