SOURCE: Paragon Financial Limited

Paragon Financial Limited

April 10, 2012 08:20 ET

Obama Administration Looks to Cut Application Process for Drilling Permits by 80%

Paragon Report Provides Stock Research on SandRidge Energy Inc. and GMX Resources Inc.

NEW YORK, NY--(Marketwire - Apr 10, 2012) - Oil and Gas companies drilling in the U.S. look to benefit as the government looks to speed up process for onshore drilling permits. The Obama administration recently announced plans to cut the time it takes to review applications for oil and gas drilling permits by up to 80 percent. The Paragon Report examines investing opportunities in the Oil and Gas Industry and provides equity research on SandRidge Energy Inc. (NYSE: SD) and GMX Resources Inc. (NYSE: GMXR).

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The new automated processing system for applications would cut the review period from 298 days to roughly under 60 days. "This is an example of our effort to try to move forward with an agenda that is the president's 'all of the above' energy agenda... specifically, to make oil and gas permitting and production on public lands a reality," Interior Secretary Ken Salazar said.

"The president has made it clear to us that he wants us to continue to produce more oil and natural gas here at home," said Bob Abbey, director of the Bureau of Land Management. "And while this alone is not a solution to high gasoline prices, it will help reduce reliance on foreign oil and our vulnerability to the up-and-down swings of the international market."

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SandRidge Energy, Inc. announced the pricing of its private placement of $750 million of 8.125% Senior Notes due 2022. The notes were priced at 100% of par, resulting in a yield to maturity of 8.125%. The offering is expected to settle on April 17, 2012. Net proceeds from this offering will be used to finance the cash consideration of approximately $680 million payable in connection with the Company's pending acquisition of Dynamic Offshore Resources, LLC and to pay related costs and expenses.

GMX RESOURCES INC. recently announced that the Company has successfully drilled and completed its fourth operated horizontal Bakken well, the Lange 11-30-1H, 89% working interest, located in Sections 30&31 Township 147N Range 99W in McKenzie County, North Dakota. The Lange 11-30-1H was drilled to a measured depth of 20,519' with a lateral length of 9,348'. It was completed as a 32 stage frac Middle Bakken producer achieving a peak rate of 2,549 boepd @1,500 psi flowing casing pressure.

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