SOURCE: The Bedford Report
NEW YORK, NY--(Marketwire - Jun 30, 2011) - Natural gas explorers have come under fire this summer after US Federal lawmakers called for investigations into whether natural gas drillers have provided an accurate picture of the long term profitability of the sector. The Bedford Report examines investing opportunities in natural gas and provides stock research on Delta Petroleum Corporation (NASDAQ: DPTR) and Chesapeake Energy Corporation (NYSE: CHK). Access to the full company reports can be found at:
Representative Maurice D. Hinchey, Democrat of New York, says he urges to SEC to "quickly investigate whether (natural gas) investors have been intentionally misled." Natural gas is considered expensive to drill and most energy companies are required to sign leases that require that they keep producing, leading to questions about the financial risks surrounding natural gas drilling.
There are also questions regarding the environmental risks surrounding a technique known as hydraulic fracturing used to release gas trapped underground in shale formations.
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While a small group of Federal lawmakers have questioned natural gas' long term profitability, most argue the US needs to continue to promote natural gas development. Recently a bipartisan group of eight federal lawmakers from gas-producing states sent a letter to President Obama asking him to promote natural gas development "by any means necessary... most specifically, by unconventional shale gas recovery." Obama himself has said natural gas has "enormous" potential as a clean energy alternative to oil.
Natural gas companies strongly oppose the calls for investigation. Aubrey McClendon, CEO of Chesapeake Energy Corp., believes the future of natural gas is bright, arguing that "it is absurd to conclude that shale gas wells are underperforming while America is awash in natural gas."
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