SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Aug 30, 2012) - The recent rise in oil prices has led the G-7 nations -- the U.S., Canada, Japan, U.K., Germany, France and Italy -- to call upon oil producing countries to boost output. "We remain vigilant of the risks to the global economy," the G-7 said. "In this context and mindful of the substantial risks posed by elevated oil prices, we are monitoring the situation in oil markets closely." Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Abraxas Petroleum Corp. (NASDAQ: AXAS) and Dejour Energy Inc. (NYSE: DEJ)(TSX: DEJ).
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A statement from G-7 finance ministers was released Tuesday and posted on the U.S. Treasury Department website. Finance ministers had been concerned about the effect high oil prices would have on already weak global economies and are prepared to take action. Benchmark U.S. oil and Brent Crude have risen 22 percent and 23 percent, respectively, since late June.
"We encourage oil-producing countries to increase their output to meet demand," the statement said. "We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied."
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Abraxas Petroleum is an oil and gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada. The company reported net income for the quarter ended June 30, 2012 of $10.9 million, or $0.12 per share, compared to a net income of $8.9 million, or $0.10 per share, for the same period in 2011.
Dejour Energy is an independent oil and natural gas exploration and production company operating projects in North America's Piceance Basin (approximately 100,000 net acres) and Peace River Arch regions (approximately 11,000 net acres). The company reported a 41 percent increase in oil & gas production in the second quarter of 2012 when compared to the second quarter of 2011.
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