SOURCE: Paragon Financial Limited

Paragon Financial Limited

August 09, 2012 08:20 ET

Oil Stocks Rally Alongside Oil Prices -- EIA Raises Forecasts for 2012 Oil Prices

The Paragon Report Provides Stock Research on Goodrich Petroleum and Northern Oil & Gas

NEW YORK, NY--(Marketwire - Aug 9, 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 less than 0.5 percent. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Goodrich Petroleum Corporation (NYSE: GDP) and Northern Oil & Gas, Inc. (NYSE: NOG).

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Oil prices surged nearly 5 percent last Friday, their biggest gain in a month, after the Labor Department reported that U.S. employers added 163,000 jobs in July. According to the median estimate of economists surveyed by Bloomberg payrolls were expected to increase by 100,000. "Anything that points to economic growth boosts oil," said Michael Lynch, president of Strategic Energy & Economic Research.

The Energy Information Administration last week reported that U.S. crude supplies surprisingly declined 6.5 million barrels for the week ended July 27. The EIA earlier this week 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.

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Goodrich Petroleum owns working interests in 401 producing oil and natural gas wells located in 29 fields in five states. Shares of the company soared over 16 percent Tuesday after the company eased concerns regarding their liquidity issues. "Throughout 2013, we are pretty confident that liquidity is not going to be an issue," stated a company executive in a recent conference call with analysts according to Reuters.

Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. The company expects second quarter 2012 production to increase approximately 20 percent compared to first quarter 2012, resulting in an average of approximately 10,200 barrels of oil equivalent per day.

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