NEW YORK, NY -- (Marketwire) -- 09/05/12 -- The recent rise in oil prices has led the G-7 nations -- the U.S., Canada, Japan, U.K., Germany, France and Italy -- to call upon oil producing countries to boost output. "We remain vigilant of the risks to the global economy," the G-7 said. "In this context and mindful of the substantial risks posed by elevated oil prices, we are monitoring the situation in oil markets closely." Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Magnum Hunter Resources Corp. (NYSE: MHR) and Pengrowth Energy Corp (NYSE: PGH)(TSX: PGF).
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A statement from G-7 finance ministers was recently released and posted on the U.S. Treasury Department website. Finance ministers had been concerned about the effect high oil prices would have on already weak global economies and are prepared to take action. Benchmark U.S. oil and Brent Crude have risen 22 percent and 23 percent, respectively, since late June.
"We encourage oil-producing countries to increase their output to meet demand," the statement said. "We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied."
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Magnum Hunter Resources is presently active in three of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale and Williston Basin/Bakken Shale. Oil and gas production increased 162 percent for the three months ended June 30, 2012 to 1.18 million barrels of oil equivalent compared to the 450,203 barrels of oil equivalent reported for the three months ended June 30, 2011.
Pengrowth Energy Corporation is a dividend-paying, intermediate Canadian producer of oil and natural gas, headquartered in Calgary, Alberta. Pengrowth's operations contain a geographically diverse collection of land across the Western Canadian Sedimentary Basin and offshore Atlantic Canada. 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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