West Texas Intermediate Crude Oil On The Rise With The Expansion Of Seaway Pipeline
The Paragon Report Provides Stock Research on Halcon Resources and Forest Oil
New York, NY (Marketwire) - U.S. oil stocks will look to benefit from plans to re-open the Seaway Pipeline. By the end of this week, Operators Enterprise Products Partners LP and Enbridge Inc. have announced 400,000 barrels of oil will flow through their pipeline. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Halcon Resources Corp. (
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The gap between West Texas Intermediate crude oil and Europe's Brent crude since the start of the year has shrunk 6.4 percent to its narrowest margin since September. The U.S. benchmark has fallen in value as increased domestic production and lack of access to pipelines to transport crude to refineries have created a supply glut. The Department of Energy recently reported that oil inventories at the Cushing oil-transport hub was at an all-time high of 49.8 million-barrels. The Seaway Pipeline transport oil from the Cushing hub to refineries along the Gulf Coast.
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Halcon Resources oil and natural gas reserves are located primarily in Wichita, Wilbarger and Starr Counties, Texas, Pontotoc County, Oklahoma. As of December 31, 2011, its estimated net proved reserves were 21.1 million barrels of oil equivalent, of which approximately 59% were crude oil, 32% were natural gas, and 9% were natural gas liquids.
Forest Oil's principal reserves and producing properties are located in the United States in Arkansas, Louisiana, Oklahoma, Texas, Utah, and Wyoming. The company has recently agreed to sell all of its properties located in South Texas, excluding its Eagle Ford Shale oil properties, for $325 million. As of December 31, 2011, the properties had estimated proved reserves of 272 Bcfe (85% natural gas).
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SOURCE: Paragon Report