NEW YORK, NY--(Marketwire - Jan 9, 2013) - U.S. oil stocks will look to benefit from plans to re-open the Seaway Pipeline. By the end of this week, Operators Enterprise Products Partners LP and Enbridge Inc. have announced 400,000 barrels of oil will flow through their pipeline. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Denbury Resources Inc. (NYSE: DNR) and Oasis Petroleum Inc. (NYSE: OAS).
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The gap between West Texas Intermediate crude oil and Europe's Brent crude since the start of the year has shrunk 6.4 percent to its narrowest margin since September. The U.S. benchmark has fallen in value as increased domestic production and lack of access to pipelines to transport crude to refineries have created a supply glut. The Department of Energy recently reported that oil inventories at the Cushing oil-transport hub was at an all-time high of 49.8 million-barrels. The Seaway Pipeline transport oil from the Cushing hub to refineries along the Gulf Coast.
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Denbury Resources is the largest combined oil and natural gas operator in both Mississippi and Montana and holds significant operating acreage in the Rocky Mountain and Gulf Coast regions. As of December 31, 2011, the company had 461.9 million barrel of oil equivalent of proved oil and natural gas reserves, of which 77% was oil.
Oasis is the premier operator in the Williston Basin. The company's 333,000 net acres in the Williston Basin are highly concentrated and are prospective for the Bakken, Three Forks and other potential horizons. Average daily production increased to 24,257 Boepd in the third quarter of 2012, a 109 percent increase when compared to the third quarter of 2011.
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