SOURCE: Paragon Financial Limited

Paragon Financial Limited

August 24, 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 Denbury Resources and Triangle Petroleum

NEW YORK, NY--(Marketwire - Aug 24, 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 Denbury Resources Inc. (NYSE: DNR) and Triangle Petroleum Corporation (NYSE: TPLM).

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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 its 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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Denbury Resources is a growing independent oil and gas company. The Company is the largest oil and natural gas producer in both Mississippi and Montana, and owns the largest reserves of carbon dioxide (CO2) used for tertiary oil recovery east of the Mississippi River. During the second quarter the company increased average continuing total production to 72,280 barrels of oil equivalent per day, 16% higher than 2011's second quarter level and 4% higher than first quarter 2012 levels.

Triangle Petroleum is a growth-oriented oil and gas exploration and development company that is focused solely on the Bakken oil play in the Williston Basin of North Dakota and Montana. Since entering the basin in early 2010, the company has acquired approximately 83,400 net acres prospective for the Bakken and Three Forks formations.

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