LGX Oil & Gas, Inc. (ROAOF)

[LGL8054]

For those who want to know.

Earlier this week, experts told the US Senate Energy and Natural Resources Committee that breakthroughs in technology and more access to prospective acreage are creating a US oil production revival that is a major break from nearly 40 years of declining production. "We believe that by 2020, the United States will become the largest producer of hydrocarbons in the world, surpassing Russia," said Roger Diwan, partner and head of financial advisory operations at PFC Energy. Meanwhile, James Burkhard, managing director of IHS CERA Inc.'s global oil group believes that the scale of the opportunity to increase US oil production is greater than in most other countries over the next decade.

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Oil prices have struggled to stay above $100 per barrel as US national oil data has showed slower refinery throughput and mounting crude stocks, raising concerns about demand. The Department of Energy said total products supplied to the market over the past four weeks was down by 4.3 percent from a year earlier, and crude inventories were high for this time of year.

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