SOURCE: Five Star Equities

Five Star Equities

June 13, 2012 08:20 ET

Oil Prices Slide to Eight-Month Lows -- Abraxas Petroleum and Rex Energy Shares Fall

Five Star Equities Provides Stock Research on Abraxas Petroleum and Rex Energy

NEW YORK, NY--(Marketwire - Jun 13, 2012) - Oil stocks have struggled over the last month amongst concerns of a potential financial crisis in Europe. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen nearly 11 percent in the past month. As Europe accounts for approximately 20 percent of the world's consumption of oil, a weak economy would weigh heavily on oil demand. Five Star Equities examines the outlook for companies in Oil and Gas Industry and provides equity research on Abraxas Petroleum Corp. (NASDAQ: AXAS) and Rex Energy Corporation (NASDAQ: REXX).

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Oil prices hit eight-month lows Monday after Spain's bailout plan failed to ease concerns of the euro region's debt crisis. Prices for crude oil for July delivery fell to $82.70, their lowest levels since Oct. 6. "There's skepticism about the plan" for the bailout, said John Kilduff, a partner at Again Capital LLC. "The euphoria was short-lived as attentions shifted to Italy and even France."

Federal Reserve Chairman Ben Bernanke's comments last Friday gave no hint of stimulus from the central bank to help boost the economy. Bernanke stated that the Federal Reserve was ready to take action if Europe's problems began to threaten the U.S. economy, but gave no hint that any additional measures were coming in the near future.

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Abraxas Petroleum Corporation is an independent natural gas and crude oil exploitation and production company based in San Antonio, Texas. The company concentrates on developing its existing asset base while acquiring leases that fit strategically within its current portfolio. Abraxas targets conventional reservoirs, as well as emerging resource plays, in its primary operating areas in the Rocky Mountain, Mid-Continent and Permian Basin / Texas Gulf Coast Basin.

Rex Energy is an independent oil and gas exploration and production company operating in the Appalachian and Illinois Basins within the United States. The company's strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio. The company recently announced fracture stimulation for its first Ohio Utica well, the Brace #1H is scheduled for June 2012.

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