NEW YORK, NY -- (Marketwire) -- 06/25/12 -- Disappointing news from China, the U.S. and Europe have seen commodity prices slide as concerns of the global economy continues to grow. "Fears about the economy are making people very leery," said Michael Lynch, the president of Strategic Energy & Economic Research. "The jobless claims, the manufacturing data and all the economic data are coming together to push almost everything down." Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Enerplus Corp. (NYSE: ERF) (TSX: ERF.TO) and Pengrowth Energy Corp. (NYSE: PGH) (TSX: PGF.TO).
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The Energy Information Administration on last Wednesday reported that oil supplies grew by 2.9 million barrels for the week ending June 15. Oil supplies were predicted to drop by 1.3 million barrels according to the median of 11 analyst estimates in the Bloomberg survey. The recent boom in North American oil production has seen supplies rise to their highest levels in 22 years. The department's report showed that U.S. crude production surged 117,000 barrels to 6.35 million, the highest since 1999.
"The U.S. is flush with oil right now," independent analyst and trader Stephen Schork said. "And if you factor in the economic mess in Europe, slower economic growth in China, and probably overproduction from the Saudis in preparation for the Iranian oil embargo, the world has a comfortable supply."
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Enerplus' oil portfolio includes high growth opportunities in the Bakken/Three Forks resource play in North Dakota, as well as stable, low decline crude oil production from a variety of crude oil water flood properties across Western Canada. Their natural gas assets include a large land position in the Marcellus shale gas region in the northeast U.S., one of the most economic natural gas plays in North America.
Pengrowth's operations contain a geographically diverse collection of land across the Western Canadian Sedimentary Basin and offshore Atlantic Canada. The company's assets include Swan Hills light oil, Cardium light oil and liquids-rich gas and the Lindbergh Steam Assisted Gravity Drainage project. In 2012, Pengrowth expects a capital expenditure program of $625 million concentrated in the oil and liquids-rich Swan Hills area.
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