SOURCE: The Bedford Report

The Bedford Report

May 23, 2011 08:16 ET

Vantage Drilling and Hyperdynamics Get a Boost From Obama

The Bedford Report Provides Analyst Research on Vantage Drilling & Hyperdynamics

NEW YORK, NY--(Marketwire - May 23, 2011) - Companies focused on Oil Drilling have seen their top lines surge in recent quarters as global oil consumption continues to grow. According to the International Energy Agency, worldwide oil demand grew by 2.6 percent in the first quarter of 2011, on top of 4.1 percent growth in the fourth quarter of 2010. With demand for oil so high at the moment, the biggest problem facing the drilling industry is getting more rigs operational. The Bedford Report examines the outlook for companies in the Oil Well Services and Equipment Industry and provides research reports on Vantage Drilling Company (NYSE Amex: VTG) and Hyperdynamics Corporation (NYSE Amex: HDY). Access to the full company reports can be found at:

In recent months, investors have focused on drilling companies that do not have exposure to Libya and other troubled spots, but stand to benefit from oil's recent spike in demand. Uncertainty over what will happen with the 12th largest exporter of oil in the world is partially driving the need to raise rig counts.

Earlier this year, President Obama declared interest in improving domestic oil production, which is expected to lead to more offshore drilling permits. However, increased emphasis on safer rigs as well as slow approval processes may impede getting rigs into the water quickly.

The Bedford Report releases regular market updates on the Oil & Gas Sector so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

Cashing in on the current small cap oil and gas boom, shares of Hyperdynamics skyrocketed last week after AGR Petroleum signed a contract with Jasper Drilling on behalf of Hyperdynamics. The Jasper "Explorer" is capable of drilling in up to 5,000 feet of water and is expected to spud the first well in the fourth quarter.

Vantage Drilling is showing significant revenue growth. In the most recent quarter, the company said revenues surged to $124 million from $58 million in the year ago period. Earlier this month, Vantage announced that it hired Daewoo Shipbuilding and Marine Engineering Company to build an ultra-deep water drilling ship an estimated cost of $580 million to $590 million.

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