Small and Mid-Sized Oil Companies Poised to Gain From Faster Permitting and Leasing Decisions
April 23 2012 - 8:20AM
Marketwired
Oil prices have risen sharply this year as global demand remains
high and supplies have been disrupted in the Middle East. The
strong increase in oil prices and U.S. focus on producing more Oil
domestically has given stocks in the Oil & Gas Industry a
boost. While big oil companies have seen marginal increases in
2012, many small and mid-sized oil companies have seen better
results. Five Star Equities examines the outlook for companies in
the Oil & Gas Industry and provides equity research on Rex
Energy Corporation (NASDAQ: REXX) and Magnum Hunter Resources Corp.
(NYSE: MHR).
Access to the full company reports can be found at:
www.fivestarequities.com/REXX
www.fivestarequities.com/MHR
The U.S. government has been under intense pressure to reduce
rising gas prices. As a result the Obama administration has
recently announced new procedures to speed processes for onshore
drilling permits for U.S. oil and gas companies. Permitting and
leasing decisions, which were previously done on paper, will now be
done electronically. Negotiations on average took 298 days to
approve, with the new process in place it is expected to drop to 60
days or less.
"We have heard from the industry that they believe that BLM's
administrative processes are too slow and result in unnecessary
delay and added costs, and to some degree, their criticism is
valid," said Bureau of Land Management Director Bob Abbey. "The
president has made it clear to us that he wants us to continue to
produce oil and natural gas here at home."
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Rex Energy is headquartered in State College, Pennsylvania and
is an independent oil and gas exploration and production company
operating in the Appalachian and Illinois Basins within the United
States. The company's strategy is to pursue its higher potential
exploration drilling prospects while acquiring oil and natural gas
properties complementary to its portfolio.
Magnum Hunter Resources Corporation recently announced that its
wholly-owned subsidiary, Bakken Hunter, LLC, has entered into a
definitive purchase agreement to acquire certain Williston Basin
oil and gas properties from an affiliate of Baytex Energy
Corporation for $311 million in cash.
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