SOURCE: Five Star Equities

Five Star Equities

May 18, 2012 08:20 ET

U.S. Crude Stockpiles Rise to Their Highest Levels in 21 Years

Five Star Equities Provides Stock Research on Magnum Hunter Resources and Dejour Energy

NEW YORK, NY--(Marketwire - May 18, 2012) - Oil stocks have fallen along with sliding oil prices recently. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has dropped nearly 8 percent in the last month. Earlier this week benchmark U.S. crude prices hit a seven-month low of $91.81 and could fall further as a result rising inventories and economic uncertainty in Europe. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Magnum Hunter Resources Corp. (NYSE: MHR) and Dejour Energy Inc. (NYSE: DEJ).

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According to a recent article on Bloomberg U.S. crude stockpiles have risen to their highest levels in 21 years. The Energy Information Administration (EIA), in its weekly report Wednesday, stated that crude supplies grew by 2.1 million barrels to climb to 381.6 million barrels. Fears of the euro zone crisis and U.S. sanctions on oil imports from Iran have propelled OPEC producers, primarily Saudi Arabia, to boost oil productions. Weakening global demand has given importing countries the opportunity to stockpile inventories.

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Magnum Hunter Resources are a Houston, Texas based independent exploration and production company engaged in the acquisition, development and production of crude, natural gas and natural gas liquids, primarily in the states of West Virginia, Kentucky, Ohio, Texas, North Dakota and Saskatchewan, Canada. The company recently reported an increase in total revenues of 293% to $57.2 million for the three months ended March 31, 2012 compared to $14.5 million for the three months ended March 31, 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's net loss for the current quarter was $354,000 or $0.003 per share, compared to a net loss of $2,079,000 or $0.018 per share for the same quarter in 2011.

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