SOURCE: The Bedford Report

The Bedford Report

September 23, 2011 08:16 ET

US Producers Drilling More Despite Oil Demand Cooling Off

The Bedford Report Provides Stock Research on SandRidge Energy & Abraxas Petroleum

NEW YORK, NY--(Marketwire - Sep 23, 2011) - The Bedford Report examines the outlook for companies in the Oil & Gas Sector and provides equity research on SandRidge Energy, Inc. (NYSE: SD) and Abraxas Petroleum Corporation (NASDAQ: AXAS). Access to the full company reports can be found at:

www.bedfordreport.com/SD
www.bedfordreport.com/AXAS

Abdalla Salem El-Badri, Secretary-General of the Organization of the Petroleum-Exporting Countries (OPEC), argues that the recent fall in the price of oil has been partly caused by speculation in the oil market. Earlier this week oil prices took a hit after OPEC sharply revised down its forecast for world oil demand for this year and expected consumption would remain weak in 2012, citing waning economic growth in key industrialized nations and a weak US driving season.

While oil demand may be on the downturn, US oil production is skyrocketing. Just last week the Energy Department announced that US crude oil production surged 13 per cent to 5.75 million barrels a day last week, the highest level since 2003

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SandRidge Energy doubled oil production year-on-year in the second quarter, and raised its 2011 production guidance to 24.1 million barrels of oil equivalent, from a previous prediction of 23.3 MMBoe. Total second quarter revenues soared to $364.8 million, double the $182.4 it posted in the prior year's quarter.

Abraxas Petroleum increased second quarter production by 5 percent sequentially - despite weather downtime. The company says that it "looks forward to further production growth" and expects production for 2011 to average 4,000 - 4,200 barrels of oil equivalent per day.

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