NEW YORK, NY -- (Marketwire) -- 04/10/12 -- Oil and Gas companies drilling in the U.S. look to benefit as the government looks to speed up process for onshore drilling permits. The Obama administration recently announced plans to cut the time it takes to review applications for oil and gas drilling permits by up to 80 percent. The Paragon Report examines investing opportunities in the Oil and Gas Industry and provides equity research on Chesapeake Energy Corp. (NYSE: CHK) and Triangle Petroleum Corp. (NYSE: TPLM).
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The new automated processing system for applications would cut the review period from 298 days to roughly under 60 days. "This is an example of our effort to try to move forward with an agenda that is the president's 'all of the above' energy agenda... specifically, to make oil and gas permitting and production on public lands a reality," Interior Secretary Ken Salazar said.
"The president has made it clear to us that he wants us to continue to produce more oil and natural gas here at home," said Bob Abbey, director of the Bureau of Land Management. "And while this alone is not a solution to high gasoline prices, it will help reduce reliance on foreign oil and our vulnerability to the up-and-down swings of the international market."
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Chesapeake Energy Corporation has scheduled its 2012 first quarter operational update and financial results to be released after the close of trading on the New York Stock Exchange on Tuesday, May 1, 2012. The company has also scheduled a conference call to discuss the release for Wednesday, May 2, 2012 at 9:00 am EDT.
Triangle Petroleum Corporation has scheduled the release of its fourth quarter fiscal year 2012 financial and operational results for Monday, April 16, 2012. Peter Hill, Chief Executive Officer, and Jonathan Samuels, President and Chief Financial Officer, of Triangle will host a conference call at 7:00 AM MT (9:00 AM ET) to provide an overview of the results and Triangle's current position.
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