NEW YORK, NY -- (Marketwire) -- 06/21/12 -- Oil prices Tuesday rebounded on hopes of stimulus measures from the Federal Reserve and on a rising Euro. Oil investors have been worried about how a potential recession in Europe would affect global oil demand, Europe currently accounts for approximately 20 percent of the world's oil consumption. Any action by the Federal Reserve will provide a boost for oil prices, which on February 24 was at a yearly high of $109.77. The Paragon Report examines investing opportunities in the Independent Oil & Gas Industry and provides equity research on Callon Petroleum Company (NYSE: CPE) and Petroquest Energy Inc. (NYSE: PQ).
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Investors are watching closely for any signs of stimulus from the Federal Reserve as the U.S. central bank began a two-day meeting Tuesday. "A few market participants are still waiting and hoping for the U.S. Fed to trigger a new round of something that can boost global markets," said Olivier Jakob, a Petromatrix energy analyst.
Growing concerns of an embargo or attack on Iran, which significantly cut oil supply, have also pushed oil prices higher. The possibility of a European oil embargo in July has increased as recent talks regarding Iran's nuclear program have done little to ease tensions between Iran and the six world powers.
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Callon Petroleum's principal development operations are in the Permian Basin in West Texas and in the Haynesville Shale in northern Louisiana. Their producing assets in the Gulf of Mexico provide significant cash flow to execute their current onshore development operations. For the first quarter of 2012 the company reported a net income of $0.5 million.
PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in East Texas, Arkoma Basin, South Louisiana and the shallow waters of the Gulf of Mexico. The company reported first quarter 2012 production of 8,170,100 Mcfe, compared to 7,369,394 Mcfe in the first quarter of 2011.
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