CMZ Compton Petroleum Corp.

www.rothmanresearch.com -- The last five trading days have seen the bulls' support for crude oil grow strong and eager. Backed by positive economic data in the U.S., oil prices have surged by more than 8% in recent days. More cheering news swarming the oil industry is the sustained growth in the oil services and drilling cycle. Last week the number of active rotary rigs drilling for oil in the US was on the rise, with Texas taking the lead with a distinct boost as compared to other key producing states. One of the main drivers to increased drilling activities is the trend of pricing enhancement, and Patterson-UTI Energy Inc. (NASDAQ: PTEN), in its last earnings conference call, commented on this positive prospect even if the company accounted a net loss of $0.12 per share in the Q4 2009. Patterson projected that its rig count for Q1 2010 would average 140 rigs, and if oil prices continue to show signs of upside, the company might start to see healthier returns with its drilling and pressure pumping segment.

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High prices has always bode well with drilling and exploration companies as on a financial level they justify the drilling for new wells. "With prices moving upwards and the market trend favoring oil, it is quite clear right now that the bulls are in control, and as long as they stay put, the oil drilling industry will be the great winners... we will see a lot more drilling specially from companies, like Compton Petroleum Corporation (NYSE: CMZ), which have had a difficult revenue year in 2009 due to low commodity prices," commented Jack Benassi of www.rothmanresearch.com, "however, it should be noted that the price of oil as it stands is not following the natural trend of demand and supply... There is sufficient supply in the market right now and demand of this commodity has not really increased."

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However, the proper drilling contagion is about to go wild with the Obama administration granting limited access to offshore regions including the Virginia Coast which was prohibited-drilling-territory for the last 20 years. With emerging economies thirst for oil is ever-growing, it became imperative for the U.S. government to open new exploration zones even if the negative externalities could present challenges in both short and long terms.

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Considering that the oil and gas industry is probably one of the most volatile, adding to this that we are not going to see a change in the trend for fossil fuel use by industrial nations and sprinkling the recent offshore drilling developments in the U.S., it would be a fair assessment to say that 2010 could see drilling activities in the oil industry surge significantly. Read our reports upon free registration at http://www.rothmanresearch.com/index.php?id=6&name=Register to have an insight.

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