SOURCE: Paragon Financial Limited

Paragon Financial Limited

December 09, 2011 08:16 ET

Triangle Petroleum and Lucas Energy Benefit From US Oil Boom

The Paragon Report Provides Equity Research on Triangle Petroleum Corporation & Lucas Energy

NEW YORK, NY--(Marketwire - Dec 9, 2011) - In the coming years, the United States is likely to boost its oil supplies as the country experiences a boom in unconventional oil plays, the US Energy Information Administration (EIA) reported. U.S. crude and gasoline supplies rose last week by 1.3 million barrels, or 0.4 per cent, to 336.1 million barrels, the EIA says. Meanwhile, U.S. refineries ran at 87.7 per cent of total capacity on average, a rise of 3.1 percentage points from the prior week. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on Triangle Petroleum Corporation (NYSE Amex: TPLM) and Lucas Energy, Inc. (NYSE Amex: LEI). Access to the full company reports can be found at:

Earlier this week, the EIA trimmed its 2011 and 2012 world oil demand growth forecast by 100,000 barrels per day from its previous monthly estimate. In the first of three global reports on world demand this month, the EIA said 2012 demand would be 89.52 million bpd, and 2011 demand would be 88.13 million bpd.

Shale could be one of the bright spots in a sluggish US economy going forward. The National Petroleum Council recently forecast that some 3 million barrels per day of shale oil could be produced in North America by 2035 if regulations were favorable to the industry.

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Despite the threat of a sharp economic slowdown in Europe affecting demand for oil around the world, oil prices have remained above $100 for most of 2011 due in large part to strong growth in Asia and instability in producing countries. The trend is likely to continue going forward. "China and other emerging economies account for most of the projected crude oil and liquid fuels consumption growth through 2012," the EIA said in its monthly short term energy outlook.

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