SOURCE: The Bedford Report

The Bedford Report

August 18, 2011 08:16 ET

Sinking Oil Prices Unlikely to Squeeze Hyperdynamics and TransAtlantic Petroleum

The Bedford Report Provides Stock Research on Hyperdynamics & TransAtlantic Petroleum

NEW YORK, NY--(Marketwire - Aug 18, 2011) - In recent weeks slumping oil prices have caused a noticeable drop in shares of several companies in the Oil & Gas Drilling & Exploration sector. Companies focused on offshore exploration appear better positioned for any price drop as reports argue that the percent of oil obtained offshore is likely to increase. The Bedford Report examines the outlook for companies in the Oil & Gas Sector and provides equity research on Hyperdynamics Corporation (NYSE: HDY) and TransAtlantic Petroleum Ltd. (NYSE Amex: TAT). Access to the full company reports can be found at:

The International Energy Agency (IEA) recently forecast threats to global economic recovery may cut oil demand growth next year by more than 60 percent, while keeping underlying forecasts for 2011 and 2012 little changed.

Greg Priddy, director of global oil at consultancy Eurasia Group, told The Wall Street Journal that "the evidence accumulating of very slow growth in the US economy and substantial demand destruction...the main risk in the crude oil market over the next quarter will be to the downside."

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In the aftermath of last year's Deepwater Horizon disaster, West Africa has received far more offshore oil attention. Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. Last month the company issued an Invitation to Tender for a 3-D seismic survey covering approximately 4,000 square kilometers on its exploration block offshore Republic of Guinea. According to Ray Leonard, Hyperdynamics President and Chief Executive Officer, "this deep water 3-D survey is the next logical step in the exploration of our large offshore block in the Republic of Guinea."

TransAtlantic Petroleum holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania, and California. It owns its own drilling rigs and oilfield service equipment, which it uses to develop its properties in Turkey and Morocco. In addition, it provides oilfield services and contract drilling services to third parties in Turkey. Earlier this month the company announced that revenues in the second quarter 2011 increased 91% over the same period in 2010.

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