NEW YORK, NY -- (Marketwire) -- 06/12/12 -- Oil stocks have struggled over the last month amongst concerns of a potential financial crisis in Europe. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen nearly 10 percent in the past month. Since Europe accounts for approximately 20 percent of the world's consumption of oil, a weak economy would weigh heavily on oil demand. Five Star Equities examines the outlook for companies in Oil and Gas Industry and provides equity research on Dejour Energy Inc. (NYSE: DEJ) (TSX: DEJ) and Samson Oil & Gas Limited (NYSE: SSN).
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"There have been no 'game changers' this week," said Julian Jessop, chief global economist for Capital Economics. "The prices of commodities should end the year much lower than they are now."
Oil prices dipped below $83 a barrel last Friday after Federal Reserve Chairman Ben Bernanke comments gave no hint of stimulus from the central bank to help boost the economy. Bernanke stated that the Federal Reserve was ready to take action if Europe's problems began to threaten the U.S. economy, but gave no hint that any additional measures were coming in the near future. After factoring in a less-than stellar global economic outlook Barclays expects crude to trade "sideways" for the next few weeks.
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Dejour Energy Inc. is an independent oil and natural gas exploration and production company operating projects in North America's Piceance Basin (approximately 100,000 net acres) and Peace River Arch regions (approximately 11,000 net acres). The company recently reported initial June oil production was 18 percent above May production at their Woodrush Project.
Samson Oil & Gas Limited is an USA/Australian oil & gas company focusing on oil production in the Niobrara and Bakken formations in the USA. The company recently reported that their Australia II 12KA 6, #1-29H well is currently pumping. The oil rate has ranged from 244 BOPD to 79 BOPD with an average rate of 147 BOPD.
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