SOURCE: Five Star Equities

Five Star Equities

February 20, 2013 08:20 ET

Oil Industry to Benefit From Growing Global Oil Demand in 2013

Five Star Equities Provides Stock Research on VAALCO Energy and Gulfport Energy

NEW YORK, NY--(Marketwire - Feb 20, 2013) - The Oil & Gas Industry has experienced a good start to 2013 as improvements in the global economy has seen both the U.S. Energy Information Administration (EIA) and OPEC raise their forecasts for global oil demand in 2013. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained over 10 percent year-to-date. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on VAALCO Energy, Inc. (NYSE: EGY) and Gulfport Energy Corporation (NASDAQ: GPOR).

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The EIA has raised its 2013 growth forecasts by 110,000 barrels per day (bpd) to 1.05 million bpd in 2013. Global oil demand is now expected to total 90.2 million bpd this year. The increase follows a report from OPEC earlier in the week projecting oil demand to increase by 840,000 bpd, 80,000 bpd higher than its previous estimate. Prices for Brent Crude have gained approximately 10 percent year-to-date hitting a 10-month high of over $118 a barrel.

"Market fundamentals and expectations strengthened in January 2013 because of earlier than-expected cutbacks in Saudi Arabian oil production and greater optimism about economic growth, particularly in China," the EIA said in its report.

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VAALCO Energy's strategy is to increase reserves and production through the exploration and operation of oil and gas properties, with a focus on international opportunities. The Company's properties and exploration activities are located in Gabon and Angola, West Africa, and the United States. VAALCO is scheduled to release results for the fourth quarter and full year 2012 on Monday, March 11th.

Gulfport Energy's operating areas include targeted exploration and exploitation in areas with known major oil resources such as Southern Louisiana and the Permian Basin. In addition, Gulfport has also acquired acreage positions in the Niobrara Formation of Western Colorado and the Utica Shale of Eastern Ohio. The company recently has entered into a definitive agreement to acquire an additional 22,000 net acres in the Utica Shale for approximately $220 million.

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