SOURCE: Five Star Equities

Five Star Equities

June 25, 2012 08:20 ET

Oil Prices Continue Slide as U.S. Supplies Hit Highest Levels in 22 Years

Five Star Equities Provides Stock Research on Forest Oil and Denbury Resources

NEW YORK, NY--(Marketwire - Jun 25, 2012) - Disappointing news from China, the U.S. and Europe have seen commodity prices slide as concerns of the global economy continues to grow. "Fears about the economy are making people very leery," said Michael Lynch, the president of Strategic Energy & Economic Research. "The jobless claims, the manufacturing data and all the economic data are coming together to push almost everything down." Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Forest Oil Corporation (NYSE: FST) and Denbury Resources Inc. (NYSE: DNR).

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The Energy Information Administration on last Wednesday reported that oil supplies grew by 2.9 million barrels for the week ending June 15. Oil supplies were predicted to drop by 1.3 million barrels according to the median of 11 analyst estimates in the Bloomberg survey. The recent boom in North American oil production has seen supplies rise to their highest levels in 22 years. The department's report showed that U.S. crude production surged 117,000 barrels to 6.35 million, the highest since 1999.

"The U.S. is flush with oil right now," independent analyst and trader Stephen Schork said. "And if you factor in the economic mess in Europe, slower economic growth in China, and probably overproduction from the Saudis in preparation for the Iranian oil embargo, the world has a comfortable supply."

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Forest Oil and its subsidiaries are engaged in the exploration, acquisition, development, production and marketing of natural gas and crude oil in the United States and in select international locations. The company holds principal reserves and producing properties in Arkansas, Louisiana, New Mexico, Oklahoma, Texas, Utah, and Wyoming. The company previously reported that first quarter 2012 oil net sales volumes increased 47 percent from first quarter 2011 and 4 percent from fourth quarter 2011.

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, owns the largest reserves of carbon dioxide (CO2) used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in the Rocky Mountain and Gulf Coast regions. The company recently announced the acquisition of Thompson Field in Fort Bend County, Texas for cash consideration of approximately $360 million.

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