NEW YORK, NY — (Marketwire) — 10/14/11 — Oil prices took a hit earlier this week despite fears of another recession fading as US jobs and manufacturing data suggested the economy would continue to grow. Gas consumption — particularly in North America — is on the downturn, forcing oil producers to focus on new, growing markets to boost profits. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides equity research on SandRidge Energy, Inc. (NYSE: SD) and HyperDynamics Corporation (NYSE: HDY). Access to the full company reports can be found at:
The International Energy Agency joined OPEC in trimming its demand forecasts for this year and 2012. The Paris-based IEA still expects world demand to hit a record this year, but more slowly than previously expected. Meanwhile, US drivers continued to cut back on driving. MasterCard SpendingPulse reported that drivers bought less gas for the 29th week in a row. Gas consumption last week was down about 2 percent from the same period last year, according to SpendingPulse.
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In the aftermath of last year–s Deepwater Horizon disaster, West Africa has received far more offshore oil attention. HyperDynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. The company issued an Invitation to Tender for a 3-D seismic survey covering approximately 4,000 square kilometers on its exploration block offshore the Republic of Guinea.
SandRidge announced a joint venture with an affiliate of Korean investment firm Atinum Partners Co. to provide money to drill in SandRidge property in northern Oklahoma and southern Kansas. SandRidge will get $250 million in cash and another $250 million in credit against the drilling in the area, in exchange for giving Atinum a 13.2 percent interest in the area.
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