SOURCE: The Bedford Report

The Bedford Report

March 23, 2011 07:35 ET

Libyan Unrest Sends Small Cap Oil and Gas Sector Surging

The Bedford Report Provides Analyst Research on Abraxas Petroleum and Samson Oil & Gas

NEW YORK, NY--(Marketwire - March 23, 2011) - In recent weeks, investors have been focused on small cap oil and gas companies that do not have exposure to Libya and other troubled spots, but stand to benefit from oil's recent spike in price. While analyst consensus is that the world can function without Libya's exports, Victor Shum, an energy analyst at Purvin and Gertz, warns "the worry is about what's next. What if protests persist in Iran and things get out of hand?" The Bedford Report examines the outlook for companies in the Oil and Gas sector and provides research reports on Abraxas Petroleum Corporation (NASDAQ: AXAS) and Samson Oil & Gas Ltd. (AMEX: SSN). Access to the full company reports can be found at:

Riding small-cap energy's huge 2011 run, shares of Samson Oil & Gas hit new 52 week highs earlier this month. Last week the company reported that gross profit for the first half of 2010 increased 69 percent to $1.3 million from $0.7 million for the year-ago period. Net assets at the end of the period increased to 476.6 million from $25.1 million at the beginning of the period.

The Bedford Report releases regular market updates on the Oil & Gas Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

Despite significant oil and gas resources in North America, extraction from oil sands and shale properties is expensive. Resources have to be removed using high-pressure blasting of water and chemicals from rock and sand formations. Much of the oil from the Middle East is extracted by more traditional drill-down methods.

Abraxas Petroleum is a developer of oil shale properties primarily in the Rocky Mountain, Mid-Continent, Permian Basin, and Gulf Coast regions of the United States. Last week, the company said that it lost $13.9 million in the fourth quarter of 2010. The company's CFO, Chris Williford explained that the loss was primarily due to non-cash expenses associated in part with hedge contracts. For 2010, Abraxas reported a profit of nearly $1.8 million, or 2 cents a share, compared to a net loss of $18.8 million or 34 cents a share, for 2009.

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