SOURCE: Paragon Financial Limited

Paragon Financial Limited

October 05, 2012 08:20 ET

Oil Prices Hit Two-Month Lows as Production in the U.S. Reaches 15 Year High

The Paragon Report Provides Stock Research on Enerplus and Penn West Petroleum

NEW YORK, NY--(Marketwire - Oct 5, 2012) - The recent economic slowdowns in Europe and China has seen global oil demand fall in 2012. Oil prices on Wednesday fell to a two-month low after government reports showed oil production in the U.S. have surged to a 15-year high and fuel demand decreased. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Enerplus Corp. (NYSE: ERF) (TSX: ERF) and Penn West Petroleum Ltd. (NYSE: PWE).

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The Energy Information Administration on Wednesday reported that oil production in the U.S. was at its highest level since December 1996 reaching 6.52 million barrels a day last week, sending oil futures down as much as 3.9 percent. For the week ending September 28 fuel demand had also dropped to 18.3 million barrels a day, a 5 month low.

"The inventory numbers were rather neutral but demand looks pretty awful," said Michael Lynch, president of Strategic Energy & Economic Research. "A weak economy and falling demand will probably leave us with fuller oil tanks in the months to come."

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Enerplus is an independent North American energy company with a diversified asset nase of oil and gas properties across a variety of resource plays. The company in August agreed to sell their shares in Laricina Energy, a private Canadian company focused on in situ oil sands development, for net after tax proceeds of approximately $141 million.

Penn West operates many of the largest light and medium gravity oil pools in western Canada. The company is an industry leader in the application of enhanced oil recovery. Penn West expects average 2012 production to be between 165,000 boe per day and 168,500 boe per day.

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