SOURCE: The Bedford Report

The Bedford Report

July 13, 2011 08:16 ET

Long Term Demand Worries Weigh on SandRidge and Abraxas Petroleum

The Bedford Report Provides Stock Research on SandRidge Energy and Abraxas Petroleum

NEW YORK, NY--(Marketwire - Jul 13, 2011) - Oil companies have been boosting production this year to keep up with surging demand. There is concern that oil demand may soon slide, however, after the Organization of Petroleum Exporting Countries (OPEC) questioned the global economic recovery. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides equity research on SandRidge Energy, Inc. (NYSE: SD) and Abraxas Petroleum Corporation (NASDAQ: AXAS). Access to the full company reports can be found at:

While OPEC thinks global demand will continue to increase this year to the highest levels ever, the cartel argues that demand won't grow as much as it previously expected. Yesterday, OPEC said it expects daily world consumption will increase this year by 1.36m barrels -- down from a previous estimate of 1.38m barrels -- to an average 88.18m barrels. OPEC said it cut demand expectations "as the unsteady global economy has added risks to the forecast." OPEC added that it is hard to estimate how much oil the US will consume this year.

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SandRidge Energy is engaged in development and production activities related to the exploitation of its holdings in West Texas and the Mid-Continent area of Oklahoma and Kansas. Its areas of focus in West Texas are the Permian Basin and the West Texas Overthrust. In 2011, SandRidge plans to drill more than 800 wells in the Permian Basin, and in excess of 130 horizontal wells in the Mississippian play.

Abraxas Petroleum Corporation is a crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada. Earlier this month the company purchased a used Oilwell 2000 hp diesel electric drilling rig, which will be refurbished and mobilized to the Williston Basin to drill Bakken / Three Forks wells using a multi-well pad drilling system.

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