NEW YORK, NY -- (Marketwire) -- 05/09/12 -- To kick off the week oil prices have dropped to their lowest levels of the year as election results in Europe raised concerns for the region's plan for economic recovery. France and Greece rejected leaders who supported austerity measures to repair Europe's struggling economy. Benchmark U.S. crude dropped as low as $95.34 per barrel this past Monday, the lowest price since Feb. 2. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on ATP Oil & Gas Corporation (NASDAQ: ATPG) and Hyperdynamics Corporation (NYSE: HDY).
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Oil & Gas companies, for the most part, have posted respectable earnings in the most recent quarter. The higher crude prices helped offset record low natural gas prices that have resulted from high levels of production coming from shale operations. The markets have not been kind to natural gas, but data would seem to indicate the underperformance is more related to the supply glut in the natural gas market. Demand for natural gas has increased, but these increases have not been able to keep pace with supply. The supply glut is primarily driven by a rapid rise in drilling rig utilization, as well as technological improvements in horizontal drilling & hydraulic fracturing techniques.
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ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP expects to issue a press release announcing first quarter results before the market opens on Thursday, May 10. The company has initiated drilling at the Shimshon well in the Levant Basin of offshore Israel with the Ensco 5006 drilling unit. The Shimshon well is in a water depth of 3,622 feet with a target depth of 14,764 feet.
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. The company announced last month that it has engaged BofA Merrill Lynch as financial advisor to assist the Company in connection with a potential sale of a portion of its 77% interest in the 25,000-square-kilometer oil and gas exploration concession offshore Guinea in West Africa.
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