NEW YORK, NY--(Marketwire - Nov 14, 2012) - An increased focus on lowering the nation's dependence on foreign oil has seen production in the U.S. soar to 15 year highs. The International Energy Agency in its annual World Energy Outlook predicts that by 2020 the U.S. will be the world's top oil producer. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on GMX Resources Inc. (NYSE: GMXR) and Hyperdynamics Corporation (NYSE: HDY).
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Hydraulic fracturing and horizontal drilling have contributed to the current shale-oil boom in the U.S. The IEA predicts oil production in the U.S. in 2020 will peak at 11.1 million barrels a day, compared to 8.1 million barrels a day in 2011. U.S. oil imports are forecasted to decline to four million barrels a day from the current rate of 10 million barrels a day within the next decade.
"By around 2020, the United States is projected to become the largest global oil producer" and will surpass Saudi Arabia for a period of time, the IEA said. "The result is a continued fall in U.S. oil imports [currently at 20% of its needs] to the extent that North America becomes a net oil exporter around 2030."
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GMXR is an exploration & production company with development acreage in two oil resource plays -- the Williston Basin (North Dakota / Montana) and the DJ Basin (Wyoming), targeting the Bakken/Sanish-Three Forks and Niobrara Formations, respectively. Shares of the company surged last week after reporting production soared 185% year-over-year to 486,600 Boe in the third quarter.
Hyperdynamics is committed to providing energy for the future by exploring internationally for new sources of oil and gas. It is the Operator and holds 77% of one of the largest exploration and production licenses in West Africa in the Republic of Guinea covering approximately 25,000 square kilometers.
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