SOURCE: The Bedford Report

The Bedford Report

June 24, 2011 08:16 ET

Suncor and Samson Oil Benefit From Latest IEA Announcement

The Bedford Report Provides Stock Research on Suncor & Samson Oil

NEW YORK, NY--(Marketwire - Jun 24, 2011) - Oil stocks have struggled in the markets this week following the International Energy Agency's (IEA) announcement that it will release 60 million barrels of oil from emergency stocks to address the supply shortfall from Libya. Despite the drop in oil's price, analysts argue that North American oil producers are likely to see an uptick in demand due to continued unrest in the Middle East. The Bedford Report examines the outlook for companies in the Oil & Gas Sector and provides equity research on Suncor Energy, Inc. (NYSE: SU) (TSX: SU) and Samson Oil & Gas Limited (NYSE Amex: SSN). Access to the full company reports can be found at:

IEA member countries, including Canada and the US, agreed to make 2 million barrels of oil per day available from their emergency stocks over an initial period of 30 days. This decision by the IEA comes after OPEC countries failed to reach an accord on an oil output increase at its June 8 meeting, with a split occurring between Saudi Arabia- and Iran-led factions. OPEC could call an emergency meeting and look at whether to cut its production if the extra oil from Saudi Arabia and IEA stocks results in a supply glut that keeps down prices, said a third delegate from an OPEC member.

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North American oil producers that do not have exposure to Libya and other troubled spots appear poised to boost production. During the most recent quarter, Suncor said its crude oil production, as a percentage of total production, increased to 87% from 77% over the comparative period.

Samson Oil & Gas recently reported that gross profit for the first half of 2010 increased 69 percent to $1.3 million from $0.7 million for the year-ago period. Net assets at the end of the period increased to 476.6 million from $25.1 million at the beginning of the period.

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