SOURCE: Paragon Financial Limited

Paragon Financial Limited

August 27, 2012 08:20 ET

Oil Prices Continue to Rally -- Forecasted 2012 Average Oil Prices Raised by the Energy Information Administration

The Paragon Report Provides Stock Research on Advantage Oil & Gas and Voyager Oil & Gas

NEW YORK, NY--(Marketwire - Aug 27, 2012) - Oil and gas stocks have stagnated in 2012 as the recent economic slowdown in Europe and China has created a less than favorable demand outlook for crude. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) year-to-date has gained just over 1.5 percent. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Advantage Oil & Gas Ltd. (NYSE: AAV) and Voyager Oil & Gas, Inc. (NYSE: VOG).

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Despite weak global demand oil prices have gained nearly a third during the last six weeks. At the beginning of the week Brent crude prices hit $115 per barrel, the highest it's been in the last three months. Since the end of June Brent crude prices have rebounded roughly 30 percent. The EIA earlier this month raised it forecasts for 2012 oil prices. West Texas Intermediate crude is now projected to average $93.90, up from the previous estimate of $92.83, while Brent crude was increased to $108.07 a barrel from $106.

"The market is decoupling from fundamentals," said Carsten Fritsch, an analyst at Germany's Commerzbank in Frankfurt. "Much of the strength is based on factors -- such as more U.S. economic stimulus -- that are far from guaranteed."

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Advantage Oil and Gas is an intermediate oil and natural gas corporation with properties located in Western Canada. With an estimated drilling inventory of over 900 horizontal well locations at Glacier and total project capital expenditures that could exceed $2.5 billion, significant reserves and production growth is anticipated to grow shareholder value.

Voyager Oil & Gas is an independent exploration and production company focused primarily on acquiring acreage and developing wells in the Bakken and Three Forks shale oil formations of the Williston Basin in North Dakota and Montana. The company reported record quarterly oil production of 85,363 barrels of oil equivalent (BOE), or an average of 938 barrels of oil equivalent per day (BOEPD) for the second quarter of 2012.

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