NEW YORK, NY -- (Marketwire) -- 10/09/12 -- The recent economic slowdown in Europe and China has seen global oil demand fall in 2012. Oil prices on Wednesday fell to a two-month low after government reports showed oil production in the U.S. has surged to a 15-year high and fuel demand decreased. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Oasis Petroleum Inc. (NYSE: OAS) and Pengrowth Energy Corp. (NYSE: PGH) (TSX: PGF).
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The Energy Information Administration on Wednesday reported that oil production in the U.S. was at its highest level since December 1996 reaching 6.52 million barrels a day last week, sending oil futures down as much as 3.9 percent. For the week ending September 28 fuel demand had also dropped to 18.3 million barrels a day, a 5 month low.
"The inventory numbers were rather neutral but demand looks pretty awful," said Michael Lynch, president of Strategic Energy & Economic Research. "A weak economy and falling demand will probably leave us with fuller oil tanks in the months to come."
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Oasis is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin. The company has acquired/accumulated approximately 307,000 net leasehold acres in the Williston Basin. Average daily production for the second quarter of 2012 was 20,353 Boepd, an increase of 158 percent when compared to the 7,893 Boepd in the second quarter of 2011.
Pengrowth's assets include Swan Hills light oil, Cardium light oil and liquids-rich gas and the Lindbergh Steam Assisted Gravity Drainage project. The company currently offers investors an annual dividend of $0.48 per share for a yield of roughly 7.35 percent. The company reported average daily production during the second quarter was 78,870 boepd.
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