CORRECTED - CORRECTED-UPDATE 1-Jefferies ups oil, gas price forecast for 200

(Corrects year to 2009 from 2010 in paragraph 5)

June 1 (Reuters) - Jefferies and Co raised its 2009 and 2010 oil and natural gas price forecast and increased its price targets on a number of exploration and production companies.

The brokerage raised its oil price outlook for 2009 to $55 from $45 per barrel (bbl) and raised its natural gas price forecast to $4.90 from $4.80 per million British thermal units (mmbtu).

For 2010, Jefferies raised its oil price outlook by $10 to $65/bbl and natural gas outlook by 50 cents to $6.50/mmbtu.

"We think the new oil-to-gas parity going forward will be roughly 10:1 versus the historical norm of 6-8:1," the brokerage wrote in a note to clients.

Gas could remain under pressure through early July 2009, but could still top $6/mmbtu due to storage surplus narrowing by August of this year, the brokerage said.

Its top picks were XTO Energy Inc (XTO.N), EOG Resources Inc (EOG.N) and Quicksilver Resources Inc (KWK.N), Jefferies said.

For the alerts on the price target changes on E&P companies by Jefferies, please click [ID:nWNAB4930] (Reporting by Arup Roychoudhury in Bangalore; Editing by Aradhana Aravindan) (arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.net))