Brookshire Sees Latin American Oil Reserves Trumping State Regulation.

CHICAGO -- Brookshire Advisory and Research, Inc. today released The Brookshire Energy Series debut issue "Latin American Oil Review." The energy series provides global sector analysis and peer group comparative information.

"The easy-oil era is over; certified proven reserves can bring in additional investment and potential partners," said Gianna Bern, president, Brookshire Advisory and Research, Inc. an energy economics research and consulting firm. Among the Review's findings: The Latin American hydrocarbon industry is characterized by state-owned integrated oil companies. Those companies with strong balance sheets inherently will have more financial flexibility. In addition:

* Despite widely varying regulatory structures, each company is attracting outside investors seeking to participate in opportunities to pursue exploration and development initiatives.

* Petrobras, Pemex, and PDVSA are all grappling with a 56% decrease in crude oil prices. Partnerships have become a strategic imperative in the industry.

* National oil companies and others are expeditiously certifying their reserves to attract investment.

"Reserves have become the trump card in Latin America," said Bern. "For independent oil companies, crude oil exploration and development means having to court countries with governmental regulatory frameworks not entirely conducive to outside participation," she added.

The Brookshire Energy Series can be accessed at www.BrookshireAdvisoryandResearch.com

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