SOURCE: Paragon Financial Limited

Paragon Financial Limited

March 13, 2012 08:20 ET

Oil Executives Argue U.S. Energy Resources Not Being Fully Tapped

The Paragon Report Provides Equity Research on Triangle Petroleum & Lucas Energy

NEW YORK, NY--(Marketwire - Mar 13, 2012) - Oil and Gas exploration stocks have been on an impressive run this year as crude prices continue to surge. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has surged more than 13 percent year-to-date, handedly outperforming the Dow Jones Industrial Average in 2012. Congressional Republicans and Democrats continue to argue about the price of gas as Republicans and oil industry leaders called for more U.S. production. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on Triangle Petroleum Corporation (NYSE Amex: TPLM) and Lucas Energy Inc. (NYSE Amex: LEI). Access to the full company reports can be found at:

Last week Jack Gerard, CEO of the American Petroleum Institute, told a House energy panel the nation has vast energy resources that aren't being fully tapped. New leasing on federal lands is down by 44 percent, and the number of new wells drilled is down 39 percent, Gerard said. Gerard was highly critical of president Obama's call to end tax breaks and government subsidies for the oil and gas industry that average about $4 billion a year. While President Barack Obama calls for "all-of-the-above" energy approach, he has threatened the oil and gas industry with billions of dollars in tax increases, Gerard said.
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In recent years, North Dakota has become a hotbed for U.S. oil drilling. Earlier this year North Dakota overtook California as the third-largest U.S. oil-producing state, as fracking technology boosted shale oil output. Data from the North Dakota Industrial Commission showed the state's January oil output rose to 546,050 barrels per day (bpd), up 59.2 percent from a year earlier, after output in the Midwest state's Bakken and Three Forks shale prospects rose some 11,000 bpd to a record 480,700 bpd.

California's oil production has declined over the past few years and was an average 14,000 bpd lower in 2011 compared with the previous year.

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