NEW YORK, NY -- (Marketwire) -- 02/19/13 -- The Oil & Gas Industry has experienced a good start to 2013 as improvements in the global economy has seen both the U.S. Energy Information Administration (EIA) and OPEC raise their forecasts for global oil demand in 2013. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained over 10 percent year-to-date. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Abraxas Petroleum Corp. (NASDAQ: AXAS) and Lone Pine Resources Inc. (NYSE: LPR) (TSX: LPR).
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The EIA has raised its 2013 growth forecasts by 110,000 barrels per day (bpd) to 1.05 million bpd in 2013. Global oil demand is now expected to total 90.2 million bpd this year. The increase follows a report from OPEC earlier in the week projecting oil demand to increase by 840,000 bpd, 80,000 bpd higher than its previous estimate. Prices for Brent Crude have gained approximately 10 percent year-to-date hitting a 10-month high of over $118 a barrel.
"Market fundamentals and expectations strengthened in January 2013 because of earlier than-expected cutbacks in Saudi Arabian oil production and greater optimism about economic growth, particularly in China," the EIA said in its report.
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Abraxas Petroleum holds operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada. The company expects that the Ravin 2H and 3H wells on the Lillibridge East PAD, which they hold a 49 percent working interest in, will be completed around mid-February.
Lone Pine's reserves, producing properties and exploration prospects are located in the provinces of Alberta, British Columbia, and Quebec and the Northwest Territories. As of December 31, 2011, the company had approximately 401 Bcfe of estimated proved reserves, of which approximately 26% was oil and natural gas liquids and approximately 53% was classified as proved developed.
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