NEW YORK, NY — (Marketwire) — 10/14/11 — Oil prices took a hit earlier this week despite fears of another recession fading as US jobs and manufacturing data suggested the economy would continue to grow. Gas consumption — particularly in North America — is on the downturn, forcing oil producers to focus on new, growing markets to boost profits. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides equity research on Samson Oil & Gas Limited (NYSE Amex: SSN) (ASX: SSN) and Magnum Hunter Resources Corporation (NYSE: MHR). Access to the full company reports can be found at:
The International Energy Agency joined OPEC in trimming its demand forecasts for this year and 2012. The Paris-based IEA still expects world demand to hit a record this year, but more slowly than previously expected. Meanwhile, US drivers continued to cut back on driving. MasterCard SpendingPulse reported that drivers bought less gas for the 29th week in a row. Gas consumption last week was down about 2 percent from the same period last year, according to SpendingPulse.
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Magnum Hunter Resources Corporation is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas, primarily in West Virginia, Kentucky, Ohio, Texas, North Dakota and Saskatchewan, Canada. As a result of a production boost and higher oil and gas prices, Magnum Hunter reported an increase in revenues of 223 percent for the six months ended June 30, 2011 compared to the six months ended June 30, 2010.
Samson Oil & Gas Limited owns interests in various projects located in Wyoming, North Dakota, New Mexico, and Texas. Samson Oil & Gas Limited was founded in 1980 and is headquartered in Perth, Australia. Samson currently projects that it will exit the end of the calendar year with an estimated cash balance of US$32 million. Samson said that it has agreed to acquire up to 90,000 net acres of oil and gas leases in the Fort Peck Indian Reservation in Roosevelt County, Montana, from Fort Peck Energy Company LLC (FPEC) for an undisclosed price.
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