SOURCE: Paragon Financial Limited

Paragon Financial Limited

August 07, 2012 08:20 ET

Oil Stocks Rebound as Oil Prices Surge on Strong Jobs Report and Surprising Drop in Crude Supplies

The Paragon Report Provides Stock Research on Pengrowth Energy and Penn West Petroleum

NEW YORK, NY--(Marketwire - Aug 7, 2012) - Oil and gas stocks have lost their luster among investors in 2012 as the recent economic slowdown in Europe and China has created a less than favorable demand outlook for crude. Oil stocks received a boost Friday as oil prices surged on a surprisingly strong U.S. jobs report. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) surged 2.93 percent last Friday. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Pengrowth Energy Corp. (NYSE: PGH) (TSX: PGF) and Penn West Petroleum Ltd. (NYSE: PWE) (TSX: PWT).

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Oil prices surged nearly 5 percent, 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. Analysts had predicted a drop of 1.6 million barrels according to Platts.

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Pengrowth Energy is a dividend-paying, intermediate Canadian producer of oil and natural gas, headquartered in Calgary, Alberta. Pengrowth's assets include Swan Hills light oil, Cardium light oil and liquids-rich gas and the Lindbergh Steam Assisted Gravity Drainage project. The company recently reported that its August 15, 2012 cash dividend will be CAD $0.04 per common share.

Penn West is one of the largest conventional oil and natural gas producers in Canada. Penn West operates a significant portfolio of opportunities with a dominant position in light oil in Canada. Based in Calgary, Alberta, Penn West operates throughout western Canada on a land base encompassing over six million acres.

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