SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Jul 4, 2012) - Oil & Gas stocks have been on the upswing recently as oil prices have begun to rebound. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has seen an 8 percent increase since Friday, while the United States Oil Fund LP ETF (USO) has surged nearly 12 percent. Oil prices closed at their highest levels since May on growing tensions with Iran. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Abraxas Petroleum Corp. (NASDAQ: AXAS) and GMX Resources Inc. (NYSE: GMXR).
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Crude futures rallied 4.7 percent to close at $87.66 a barrel on the New York Mercantile Exchange. Tensions between Iran grew on Monday as the nation staged missile drills and announced legislation that could possibly close the Strait of Hormuz. A shutdown of the crucial Strait of Hormuz would have a major effect on the world's oil supplies as more than a third of the world's oil is shipped through the Persian Gulf.
"The concern isn't that Iran might sink a ship," said Michael Lynch, president of Strategic Energy & Economic Research. "It's for a longer conflict that will keep insurers wanting to stay away from the Gulf, which would cause a disruption of shipping that could last a few weeks. That's a major disruption of the world's oil."
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Abraxas Petroleum is a crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada. For the first quarter 2012, including the company's equity interest in Blue Eagle's production, Abraxas produced 347.1 MBoe, of which 52 percent was oil or natural gas liquids.
GMX Reseources is a resource play rich E&P company. Oil shale resources are located in the Williston Basin, North Dakota & Montana targeting the Bakken Petroleum System and in the DJ Basin, Wyoming targeting the Niobrara Petroleum System; both plays are estimated 90 percent oil. The company recently reported that it has spudded its eight Bakken well.
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