Active Drilling Rig List – Jan 27, 2010

The active drilling rigs increased 12% to 88 from a count of 78 just 3 weeks ago.   The pace of drilling has increased and the bigger players are expanding their footprints.    Both Continental Resources (CLR) , Whiting Oil & Gas (WLL) and EOG Resources (EOG) all increased their rig count and some private players such as Slawson continuing to deploy rigs.    Given that energy ipo’s are expected to increase in 2010 over 2009,  I wouldn’t be surprised to see some of the smaller bakken players enter the capital markets over the next 18 months.

Drilling Rig Count - Jan 26th, 2010

Rig Operator Well Name and Number Current Location
NABORS 486 AMERICAN OIL & GAS INC TONG TRUST 1-20H SWSE 20-157N-96W
BRONCO 16 ANSCHUTZ EXPL CORP NEAL 1-33-28H-144-95 LOT2 4-143N-95W
H & P 255 ANSCHUTZ EXPL CORP STATE 1-25-36H-144-97X SWSE 24-144N-97W
PATTERSON 490 ARMSTRONG OP INC GRUMAN 18-3 NENE 18-139N-96W
ENSIGN 67 BAYTEX ENERGY USA LTD JACOBSON 15-161-98H SESE 15-161N-98W
NABORS 49 BRIGHAM OIL & GAS LP PAPINEAU TRUST 17-20 1-H NENW 17-151N-102W
NABORS 52 BRIGHAM OIL & GAS LP JEROME ANDERSON 15-10 1-H SWSE 15-155N-92W
NABORS 266 BRIGHAM OIL & GAS LP JACK ERICKSON 6-31 1-H SWSE 6-154N-102W
NABORS 350 BRIGHAM OIL & GAS LP KALIL 25-36 1561-H NWNE 25-156N-103W
NABORS 59 BURLINGTON RES O&G CO BOXER 21-6H LOT 3 6-149N-96W
PRECISION 825 BURLINGTON RES O&G CO CAPITOL 34-7H SWSE 7-152N-96W
NABORS 165 CIRQUE RESOURCES LC FEAST OF FOOLS 12-16H SESE 12-160N-91W
CYCLONE 9 CONTINENTAL RESOURCES DUAINE 42-4SH SENE 4-130N-106W
TRINIDAD 36 CONTINENTAL RESOURCES IMSLAND 2-31H SESW 31-160N-95W
CYCLONE 20 CONTINENTAL RESOURCES OTIS 1-13H NWNE 13-161N-96W
CYCLONE 22 CONTINENTAL RESOURCES LUNDBERG 1-8H NWNE 8-146N-96W
CYCLONE 28 CONTINENTAL RESOURCES KATE 1-19H NENE 19-147N-96W
CYCLONE 21 CONTINENTAL RESOURCES BROCKMEIER 1-1H NWNW 1-146N-98W
PATTERSON 180 CONTINENTAL RESOURCES MURI 1-27H NENW 27-151N-97W
CYCLONE 23 CONTINENTAL RESOURCES WILLIE 1-25H NENE 25-159N-95W
CYCLONE 25 CONTINENTAL RESOURCES OBERT 1-13H SESW 13-155N-104W
RED HAWK 357 EAGLE OPERATING INC EM OAS 35-1 NENE 35-162N-93W
PATTERSON 305 ENCORE OPERATING LP BECKERT 24-7H SESW 7-145N-94W
PRECISION 289 ENCORE OPERATING LP PORCUPINE RIDGE 11X-2H LOT4 2-147N-96W
MAJOR 42 EOG RESOURCES INC BURKE 4-06H LOT4 6-155N-90W
BRONCO 28 EOG RESOURCES INC AUSTIN 30-13H SESE 13-154N-90W
NABORS 527 EOG RESOURCES INC FERTILE 14-17H SWSE 17-151N-90W
MAJOR 26 EOG RESOURCES INC FERTILE 16-20H SESE 20-151N-90W
NABORS 161 EOG RESOURCES INC FERTILE 34-31H NENW 31-151N-90W
BRONCO 23 EOG RESOURCES INC BURKE 29-33H SESE 33-155N-90W
NABORS 148 EOG RESOURCES INC VAN HOOK 13-35H SESE 35-152N-91W
DHS 12 EOG RESOURCES INC ROSS 100-09H SWSW 9-156N-92W
TRUE 32 EOG RESOURCES INC SIDONIA 7-25H NWNW 25-158N-90W
DHS 10 EOG RESOURCES INC SIDONIA 34-31H LOT1 31-158N-90W
TRUE 28 EOG RESOURCES INC SIDONIA 8-26H SESE 26-158N-90W
NABORS 108 FIDELITY EXPL & PROD CO DEADWOOD CANYON RANCH 44-34H SESE 34-154N-92W
NABORS 460 HESS CORPORATION BB-FEDERAL-151-95- 0817H-1 NENW 8-151N-95W
H & P 179 HESS CORPORATION EN-TROUT-157-93- 3130H-1 SWSE 31-157N-93W
H & P 241 HESS CORPORATION EN-L CVANCARA-155-93- 2726H-1 SWNW 27-155N-93W
NABORS 1 HESS CORPORATION RS-RUDOLPH-157-90- 1708H-1 SESW 17-157N-90W
BRONCO 20 HUNT OIL COMPANY SEVERANCE 1-9-4H SESW 9-153N-89W
UNIT 117 KODIAK OIL & GAS (USA) INC MOCCASIN CREEK 13-34-3H SWSW 34-148N-93W
H & P 259 MARATHON OIL CO FETTIG 11-27H NWNW 27-146N-95W
H & P 257 MARATHON OIL CO GLENN ECKELBERG 24-8H SESW 8-146N-93W
H & P 258 MARATHON OIL CO MYRMIDON 1-2H LOT 1 2-151N-94W
H & P 256 MARATHON OIL CO MYLO MONITOR 1 SESW 11-151N-93W
PIONEER 44 MUREX PETROLEUM CORP ALFRED BROWN 2 NENE 34-151N-96W
PRECISION 645 MUREX PETROLEUM CORP JOYCE 3-10H LOT 4 3-154N-91W
PRECISION 602 MUREX PETROLEUM CORP TERESA NELL 20-17H SESE 20-157N-95W
NABORS 419 NEWFIELD PROD CO MANTA RAY 1-12H SESW 12-150N-100W
NABORS 272 NEWFIELD PROD CO PITTSBURGH 1-3H NWNW 10-153N-96W
NABORS 476 NEWFIELD PROD CO SAND CREEK FEDERAL 1-21H NENW 28-153N-96W
NABORS 177 OASIS PETRO NO AMER ANGELL 5200 31-28H NWSW 28-152N-100W
NABORS 149 OASIS PETRO NO AMER ENERSON 5792 44-4H SESE 4-157N-92W
WHITE MT. 750 OASIS PETRO NO AMER NJOS FEDERAL 5602 11-13H NWNW 13-156N-102W
ENSIGN 93 PETRO HUNT LLC FORT BERTHOLD 152-93-17C-08-1H SESW 17-152N-93W
BRONCO 8 PETRO HUNT LLC ANDERSON 152-96-35C-26-1H SESW 35-152N-96W
ENSIGN 46 PETRO HUNT LLC JONSRUD 151-96-3B-10-2H NENW 3-151N-96W
UNIT 329 QUESTAR E & P CO MHA 1-06-31H-150-92 SESW 6-149N-92W
BDR 1 RM RESOURCES LLC SIGNALNESS 13-35 SWSW 35-151N-96W
KEY NRG 439 SAGEBRUSH RESOURCES LLC HELLER 6-31 SENW 31-162N-82W
PRECISION 512 SIMRAY GP LLC LEVINGS ESTATE 1-08H SESE 8-149N-93W
PATTERSON 167 SINCLAIR OIL & GAS CO MARTENS 1-4H LOT 4 4-154N-92W
NABORS 687 SLAWSON EXPLORATION CANNONBALL FEDERAL 1-27-34H NENW 27-152N-91W
ENSIGN 125 SLAWSON EXPLORATION MACHETE 1-19H NENW 30-152N-92W
MAJOR 27 SLAWSON EXPLORATION WHIRLWIND 1-31H NWNE 6-151N-92W
RED HAWK 558 SLAWSON EXPLORATION WIZARD 1-35H NENW 35-152N-93W
NABORS 152 ST MARY LAND & EXPLORATION CO ANDERSON 12-14H NWSW 14-149N-96W
NABORS 182 TRACKER RES DEVMNT WERRE TRUST 29-1H SW SW 20-144N-94W
NABORS 44 TRACKER RES DEVMNT DANIELLE 12-1H SESE 12-145N-97W
PIONEER 56 WHITING OIL AND GAS CORP PATTEN 44-3H SESE 3-153N-91W
BRONCO 59 WHITING OIL AND GAS CORP LEO 12-29H SWNW 29-153N-91W
PRECISION 51 WHITING OIL AND GAS CORP SORENSON 11-3H LOT 4 3-152N-91W
NABORS 686 WHITING OIL AND GAS CORP TTT RANCH 12-6H LOT 5 6-153N-91W
PIONEER 66 WHITING OIL AND GAS CORP MEIERS 11-17H NWNW 17-154N-92W
PIONEER 67 WHITING OIL AND GAS CORP SMITH 12-7H LOT 2 7-153N-91W
NABORS 99 WHITING OIL AND GAS CORP ROHDE 43-1H NESE 1-153N-92W
PRECISION 520 WHITING OIL AND GAS CORP TTT RANCH 21-26H NENW 26-154N-92W
PRECISION 106 WHITING OIL AND GAS CORP KINNOIN 21-14H NENW 14-154N-91W
NABORS 265 XTO ENERGY INC CAROL FEDERAL 24X-6 SESW 6-148N-96W
NABORS 742 XTO ENERGY INC MONDAK FEDERAL 14X-11 SWSW 11-148N-105W
NABORS 681 XTO ENERGY INC THOMAS 44X-18 SESE 18-154N-95W
H & P 180 XTO ENERGY INC H M HOVE 34X-33 SWSE 33-155N-96W
NABORS 688 ZAVANNA LLC GENE 1-22H SESE 22-154N-99W
ENSIGN 76 ZENERGY INC LUNDEEN 4-26H NWNW 26-152N-98W
PRECISION 96 ZENERGY OPERATING CO LLC DAKOTA-3 TAT 15-1H SWSE 1-149N-93W
PARAMOUNT 517 ZENERGY OPERATING CO LLC DAKOTA-3 CLARA 14-17H SESW 17-149N-93W
PRECISION 517 ZENERGY OPERATING CO LLC DAKOTA-3 VAN HOOK – R/S 16-4H SESE 4-150N-92W

Bakken Leasehold Value in Investment Decision

Note:  The following entry was provided by one of our readers, Merlin Klotz, and provides some great insight when making an investment decision on a bakken play.  Thanks Merlin!

First, I am a retired CPA with a background in Oil and Gas. I’m far from being an expert, but with my background and all the public information on the Bakken/3 Forks, my portfolio is more than over weighted with stocks of the players.

It is apparent that with horizontal drilling and today’s technology the success rate in the Bakken/3 Forks universally approaches 100% with simple payouts often below a year and a half. When this is contrasted with drilling opportunities elsewhere, there is no other place for an O&G investor to play.

Accordingly, for me the name of the game in the Bakken/3 Forks is Leasehold acreage per value of a share of stock. Brigham talks of it in terms of acreage per market capitalization. For me that is too abstract.

Realizing that all acreage is not created equal but needing a common denominator, the November North Dakota State lease sale averaged $ 1,154 per acre. Using this factor, translated to my language the market value of Bakken/3 Forks leases held by BEXP equates to $ 3.32 (24%) of the value of a share of stock; AEZ = $.88 (21%); WLL = $ 1.02 (1%); KOG = $.69 (25%); NOG = $.92 (7%).

BEXP may be selling at a projected 40+ 2010/2011 PE, disproportionate to other players, but it is the value that these leaseholds bring to the table for future drilling that drives the premium value for me.

AEZ and KOG have similar percentage factors to BEXP, but they lack the history of applied technology contributing to the exceptional IBP rates of Brigham. If either of these announced a drilling arrangement with BEXP, I’d be instantly re balancing my portfolio.

Latest Confidential Well List

As of Jan 13th,  the bakken confidential well list numbers are listed below and show approximately 730 well sites determined.   As expected,  Continental Resources and EOG Resources head the pack with over 60 sites.   Whiting Oil,  XTO and Marathon are close behind with 34, 34 and 45 wells respectively.   EOG appears to be finding and drilling wells with much greater efficiency than the others with almost 90% of their sites with some level of drilling commenced.   Continental on the other hand has a huge number of sites still undrilled which could potentially mean that they have a robust pipeline of candidates if they decide to ramp up production.

Bakken Confidential Well

Operator Well Name Information Release Date
AMERICAN OIL & GAS, INC. RON VIALL 1-25H
AMERICAN OIL & GAS, INC. TONG TRUST 1-20H 6/20/2010
ANSCHUTZ EXPLORATION CORPORATION WITTINGER 31-5H 3/11/2010
ANSCHUTZ EXPLORATION CORPORATION TWIST 31-4H 5/3/2010
ANSCHUTZ EXPLORATION CORPORATION WANNEMACHER 34-9H
ANSCHUTZ EXPLORATION CORPORATION KADRMAS 11-27H 5/12/2010
ANSCHUTZ EXPLORATION CORPORATION SADOWSKY 34-12H
ANSCHUTZ EXPLORATION CORPORATION WOLBERG 11-18H
ANSCHUTZ EXPLORATION CORPORATION BREW 1-13-12H-143-96
ANSCHUTZ EXPLORATION CORPORATION MARTIN 34-31H 2/28/2010
ANSCHUTZ EXPLORATION CORPORATION KARY STATE 34-19H 3/25/2010
ANSCHUTZ EXPLORATION CORPORATION JAEGER 31-10H
ANSCHUTZ EXPLORATION CORPORATION KUBIK 21-13H
ANSCHUTZ EXPLORATION CORPORATION NEAL 1-33-28H-144-95 6/12/2010
ANSCHUTZ EXPLORATION CORPORATION JAEGER STATE 1-34-27H-144-97
ANSCHUTZ EXPLORATION CORPORATION KUBIK TRUST 1-19-18H-143-95
ANSCHUTZ EXPLORATION CORPORATION KARY 1-24-13H-144-97 5/21/2010
ANSCHUTZ EXPLORATION CORPORATION STATE 1-25-36H-144-97 7/3/2010
ANSCHUTZ EXPLORATION CORPORATION KATHLEEN STROH 1-20-17H-143-95
ANSCHUTZ EXPLORATION CORPORATION EMERSON 1-24-25H-143-96
ANSCHUTZ EXPLORATION CORPORATION RAPHAEL STROH 1-13-24H-143-97
ANSCHUTZ EXPLORATION CORPORATION KENNETH STROH 1-12H-143-97
ANSCHUTZ EXPLORATION CORPORATION MATTHEW SCHMIDT 1-35-2H-143-97
ANSCHUTZ EXPLORATION CORPORATION ELIZABETH STROH 1-7-6H-143-96
ANSCHUTZ EXPLORATION CORPORATION CECILIA STROH 1-18-19H-143-96
ANSCHUTZ EXPLORATION CORPORATION ANDREW SCHMIDT 1-3-10H-143-97
ANSCHUTZ EXPLORATION CORPORATION HARRY STROH 1-8-5H-143-96
ANSCHUTZ EXPLORATION CORPORATION EVELYN STROH 1-17-20H-143-96
ARMSTRONG OPERATING, INC. LAURINE ENGEL 1 2/5/2010
ARMSTRONG OPERATING, INC. GRUMAN 18-3
BALLANTYNE OIL TOLLEY 8-9H 3/17/2010
BAYTEX ENERGY USA LTD MOE 9-162-98H 2/6/2010
BAYTEX ENERGY USA LTD MORSE 7-162-98H
BAYTEX ENERGY USA LTD VASSEN 27-163-99H 3/11/2010
BAYTEX ENERGY USA LTD FURHMAN 36-162-99H 4/24/2010
BAYTEX ENERGY USA LTD SPARKS 8-162-98-2H 6/6/2010
BAYTEX ENERGY USA LTD JACOBSON 15-161-98H
BRIGHAM OIL & GAS, L.P. OLSON 5-6 1-H
BRIGHAM OIL & GAS, L.P. CVANCARA 20-17 1-H
BRIGHAM OIL & GAS, L.P. ANDERSON 1-11H
BRIGHAM OIL & GAS, L.P. AFSETH 34-3 1-H
BRIGHAM OIL & GAS, L.P. WANNER 25 1-H
BRIGHAM OIL & GAS, L.P. HALLINGSTAD 35-34 1-H
BRIGHAM OIL & GAS, L.P. BRAD OLSON 9-16 1-H 1/16/2010
BRIGHAM OIL & GAS, L.P. BCD FARMS 16-21 #1-H 2/22/2010
BRIGHAM OIL & GAS, L.P. LEE 16-21 1-H 3/26/2010
BRIGHAM OIL & GAS, L.P. STRAND 16-9 1-H 4/3/2010
BRIGHAM OIL & GAS, L.P. STATE 36-1 1-H 4/22/2010
BRIGHAM OIL & GAS, L.P. WILLISTON 25-36 1-H 4/25/2010
BRIGHAM OIL & GAS, L.P. OWAN-NEHRING 27-34 1-H 6/2/2010
BRIGHAM OIL & GAS, L.P. JACKSON 35-34 1-H 4/29/2010
BRIGHAM OIL & GAS, L.P. LIFFRIG 29-20 1-H 5/12/2010
BRIGHAM OIL & GAS, L.P. JACK ERICKSON 6-31 1-H 6/16/2010
BRIGHAM OIL & GAS, L.P. OWAN 29-32 1-H
BRIGHAM OIL & GAS, L.P. KALIL 25-36 1561-H 6/18/2010
BRIGHAM OIL & GAS, L.P. ARNSON 13-24 1-H
BRIGHAM OIL & GAS, L.P. PAPINEAU TRUST 17-20 1-H 7/2/2010
BRIGHAM OIL & GAS, L.P. MORTENSON 5-32 1-H
BRIGHAM OIL & GAS, L.P. JEROME ANDERSON 15-10 1-H 7/10/2010
BRIGHAM OIL & GAS, L.P. SEDLACEK TRUST 33-4 #1-H
BRIGHAM OIL & GAS, L.P. ABELMANN-STATE 21-16 1-H
BTA OIL PRODUCERS, LLC 20401 JV-P LOUIE 1-36H 4/24/2010
BTA OIL PRODUCERS, LLC NORTH COUNTRY, 9210 JV-P 31-8 5/24/2010
BTA OIL PRODUCERS, LLC 20411 JV-P FRANK 1-24H
BURLINGTON RESOURCES OIL & GAS COMPANY LP ROUGH CREEK 44-23H
BURLINGTON RESOURCES OIL & GAS COMPANY LP CLEMENS 24-7H
BURLINGTON RESOURCES OIL & GAS COMPANY LP MERIWETHER 44-19H
BURLINGTON RESOURCES OIL & GAS COMPANY LP BOXER 21-6H
BURLINGTON RESOURCES OIL & GAS COMPANY LP STATE DOLEZAL 14-1H
BURLINGTON RESOURCES OIL & GAS COMPANY LP BOXCAR 21-15H 1/19/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP GOLDEN CREEK 44-23H
BURLINGTON RESOURCES OIL & GAS COMPANY LP BIG BEND 31-2H 3/27/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP KINGS CANYON 21-27H 4/17/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP BADLANDS 21-15H 4/26/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP LASSEN 41-26H 3/2/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP TETON 21-3H
BURLINGTON RESOURCES OIL & GAS COMPANY LP RED RIVER 34-9H
BURLINGTON RESOURCES OIL & GAS COMPANY LP INTERVALE 41-35H 2/1/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP MAINSTREETER 14-24H
BURLINGTON RESOURCES OIL & GAS COMPANY LP BRYCE 31-5H 2/18/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP EVERGLADES 11-3H 3/17/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP BLUE RIDGE 14-31H
BURLINGTON RESOURCES OIL & GAS COMPANY LP ARCHES 24-35H 5/13/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP ATLANTIC EXPRESS 11-30H
BURLINGTON RESOURCES OIL & GAS COMPANY LP CAPITOL 34-7H 6/23/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP BULLRUSH 24-10H 5/23/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP MESA VERDE 24-22H 6/16/2010
BURLINGTON RESOURCES OIL & GAS COMPANY LP OLYMPIAN 14-35H
BURLINGTON RESOURCES OIL & GAS COMPANY LP CLEO 2-1H
BURLINGTON RESOURCES OIL & GAS COMPANY LP PACIFIC EXPRESS 41-25H
BURLINGTON RESOURCES OIL & GAS COMPANY LP JORGENSON FEDERAL 44-9H
CIRQUE RESOURCES, LP NUT BROWN 10-16H
CIRQUE RESOURCES, LP ROUSTABOUT STOUT 1-3H
CIRQUE RESOURCES, LP HARPOON HARVEST 14-4H
CIRQUE RESOURCES, LP HONKERS 9-16H 3/19/2010
CIRQUE RESOURCES, LP ALASKAN AMBER 11-3H 4/28/2010
CIRQUE RESOURCES, LP RED LADY 36-4H 4/22/2010
CIRQUE RESOURCES, LP TRUE BLONDE 16-15H 5/24/2010
CIRQUE RESOURCES, LP MAD HATTER 16-4H
CIRQUE RESOURCES, LP FEAST OF FOOLS 12-16H 7/3/2010
CIRQUE RESOURCES, LP FIRE ROCK 29-16H
CIRQUE RESOURCES, LP GUNNISON STATE 44-36H
CONTINENTAL RESOURCES, INC. RUSSELL 1-11F
CONTINENTAL RESOURCES, INC. DELLA 1-17
CONTINENTAL RESOURCES, INC. MPHU 44-9
CONTINENTAL RESOURCES, INC. SKRUPEY 1-9H
CONTINENTAL RESOURCES, INC. ERIC 11-24SH
CONTINENTAL RESOURCES, INC. ERIC 11-24NH
CONTINENTAL RESOURCES, INC. LUNDBERG 1-8H
CONTINENTAL RESOURCES, INC. OLE 1-29H
CONTINENTAL RESOURCES, INC. MPHU 24-19H
CONTINENTAL RESOURCES, INC. FAGERLAND 1-1H
CONTINENTAL RESOURCES, INC. HARTMAN 1-28H 3/24/2010
CONTINENTAL RESOURCES, INC. CUSKELLY 1-7H 4/15/2010
CONTINENTAL RESOURCES, INC. MONTE 12-19NH
CONTINENTAL RESOURCES, INC. KATE 1-19H
CONTINENTAL RESOURCES, INC. ROGER 1-18H
CONTINENTAL RESOURCES, INC. SALO 1-26H 4/12/2010
CONTINENTAL RESOURCES, INC. LONG 1-5H 2/2/2010
CONTINENTAL RESOURCES, INC. TANBERG 1-4H
CONTINENTAL RESOURCES, INC. ELLS 1-6H
CONTINENTAL RESOURCES, INC. GUMBO FLATS 43-17NH
CONTINENTAL RESOURCES, INC. PRAIRIE FALCON 32-6H
CONTINENTAL RESOURCES, INC. NORDENG 1-8H
CONTINENTAL RESOURCES, INC. KUMMER 1-31H 6/6/2010
CONTINENTAL RESOURCES, INC. BERGAN 1-12H
CONTINENTAL RESOURCES, INC. LOWE 42-9NH 5/9/2010
CONTINENTAL RESOURCES, INC. CRAIG 1-20H
CONTINENTAL RESOURCES, INC. BAILEY 1-24H
CONTINENTAL RESOURCES, INC. SICKLER 1-19H
CONTINENTAL RESOURCES, INC. TANDE 1-23H 3/1/2010
CONTINENTAL RESOURCES, INC. LOWE 42-9SH 6/12/2010
CONTINENTAL RESOURCES, INC. TRAXEL 1-31H 2/7/2010
CONTINENTAL RESOURCES, INC. BICE 2-29H 4/25/2010
CONTINENTAL RESOURCES, INC. DUAINE 34-4NH
CONTINENTAL RESOURCES, INC. DUAINE 44-4SH
CONTINENTAL RESOURCES, INC. RICHAU 1-33H
CONTINENTAL RESOURCES, INC. BROCKMEIER 1-1H
CONTINENTAL RESOURCES, INC. SIMMENTAL 1-21H 2/13/2010
CONTINENTAL RESOURCES, INC. ROLLEFSTAD 1-3H 1/17/2010
CONTINENTAL RESOURCES, INC. DUAINE 42-4SH
CONTINENTAL RESOURCES, INC. DUAINE 42-4NH
CONTINENTAL RESOURCES, INC. HENDRICKSON 1-36H 3/15/2010
CONTINENTAL RESOURCES, INC. NORMAN 1-9H 5/11/2010
CONTINENTAL RESOURCES, INC. SCHROEDER 1-34H 3/26/2010
CONTINENTAL RESOURCES, INC. HAWKINSON 1-22H 5/28/2010
CONTINENTAL RESOURCES, INC. LARSON 1-28H 5/19/2010
CONTINENTAL RESOURCES, INC. MILTON 1-23H 6/15/2010
CONTINENTAL RESOURCES, INC. CLOVER 1-3H 6/15/2010
CONTINENTAL RESOURCES, INC. OMAR 2-1H 4/26/2010
CONTINENTAL RESOURCES, INC. ARVID 2-34H 5/16/2010
CONTINENTAL RESOURCES, INC. DUAINE 31-4SH
CONTINENTAL RESOURCES, INC. DUAINE 31-4NH
CONTINENTAL RESOURCES, INC. FORTIER 1-17H 6/18/2010
CONTINENTAL RESOURCES, INC. WILLIE 1-25H 6/23/2010
CONTINENTAL RESOURCES, INC. FRANKLIN 1-20H
CONTINENTAL RESOURCES, INC. MURI 1-27H
CONTINENTAL RESOURCES, INC. IMSLAND 2-31H
CONTINENTAL RESOURCES, INC. OTIS 1-13H
CONTINENTAL RESOURCES, INC. OBERT 1-13H 7/1/2010
CONTINENTAL RESOURCES, INC. LANGDALEN 1-14H
CONTINENTAL RESOURCES, INC. ARTHUR 2-12T
CONTINENTAL RESOURCES, INC. HEGLER 1-13T
CONTINENTAL RESOURCES, INC. ROADRUNNER 1-22H
CONTINENTAL RESOURCES, INC. MILES 1-6M
CONTINENTAL RESOURCES, INC. MILES 2-6T
CONTINENTAL RESOURCES, INC. KENNEDY 1-31M
CONTINENTAL RESOURCES, INC. KENNEDY 2-31T
CONTINENTAL RESOURCES, INC. DONNA 1-3H
CONTINENTAL RESOURCES, INC. RAVIN 1-1H
CONTINENTAL RESOURCES, INC. GILLUND 1-32H
CONTINENTAL RESOURCES, INC. GENEVIEVE 1-27H
CONTINENTAL RESOURCES, INC. STRID 1-26H
CONTINENTAL RESOURCES, INC. STEDMAN 1-24H
DAKOTA MINERALS, LLC VANVIG 1
ENCORE ENERGY PARTNERS OPERATING LLC MORGAN DRAW FEDERAL 41-15H
ENCORE OPERATING, L.P. TRMU 13X-22H
ENCORE OPERATING, L.P. TRMU 22X-16H
ENCORE OPERATING, L.P. TRMU 41X-21H
ENCORE OPERATING, L.P. TRMU 24X-12H
ENCORE OPERATING, L.P. HANSON 11-12H
ENCORE OPERATING, L.P. TRMU 41X-14H
ENCORE OPERATING, L.P. TRMU 31X-15H
ENCORE OPERATING, L.P. ROLFSON 14-33H
ENCORE OPERATING, L.P. ROLFSNESS 41-19H
ENCORE OPERATING, L.P. WHILLOCK 34-10H
ENCORE OPERATING, L.P. CHERRY CREEK STATE 31-16H
ENCORE OPERATING, L.P. ROGNE 44-27H
ENCORE OPERATING, L.P. SFTU 34-25H
ENCORE OPERATING, L.P. ROLFSRUD 11-36H
ENCORE OPERATING, L.P. ELKHORN RANCH FEDERAL 44-14H
ENCORE OPERATING, L.P. WERRE TRUST 21-3H 3/2/2010
ENCORE OPERATING, L.P. BECKERT 24-7H 6/27/2010
ENCORE OPERATING, L.P. PORCUPINE RIDGE 11X-2H 7/8/2010
ENCORE OPERATING, L.P. PORCUPINE RIDGE 14-35H 6/6/2010
ENCORE OPERATING, L.P. WERRE TRUST 44-34H 4/10/2010
ENCORE OPERATING, L.P. SWENSON 31-33H
ENCORE OPERATING, L.P. NELSON 41-5H
ENCORE OPERATING, L.P. THOMPSON 31-11NWH
ENCORE OPERATING, L.P. THOMPSON 31-11SWH
EOG RESOURCES, INC. BARBARA 1-12H 1/14/2010
EOG RESOURCES, INC. MODEL 100-19H 3/2/2010
EOG RESOURCES, INC. PARSHALL 3-19H 2/7/2010
EOG RESOURCES, INC. WAYZETTA 19-31H 1/14/2010
EOG RESOURCES, INC. AUSTIN 23-32H 2/7/2010
EOG RESOURCES, INC. PARSHALL 12-27H 1/14/2010
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SUMMIT RESOURCES, INC. CARLYLE 8-17
SUMMIT RESOURCES, INC. HAWERCHUCK 10-8
SUMMIT RESOURCES, INC. CINNAMON CREEK 1-16H
SUMMIT RESOURCES, INC. GAP 1-28H
SUMMIT RESOURCES, INC. GAP 1-17H
SUMMIT RESOURCES, INC. KNUTSON RR FEDERAL 4-33
TEXAKOTA, INC. H. BORSTAD 3-6
TEXAKOTA, INC. HEMSING 3
TEXAKOTA, INC. H. BORSTAD 2
TEXAKOTA, INC. H. BORSTAD 4-5
TEXAKOTA, INC. H. BORSTAD 4-6
TEXAKOTA, INC. H. BORSTAD 34-3
TEXAKOTA, INC. H. BORSTAD 3
TEXAKOTA, INC. H. BORSTAD 3-7
TEXAKOTA, INC. HEMSING 4
TRACKER RESOURCE DEVELOPMENT II, LLC KNUTSON 4-1H
TRACKER RESOURCE DEVELOPMENT II, LLC LEMIEUX 17-1H
TRACKER RESOURCE DEVELOPMENT II, LLC WERRE TRUST 29-1H 7/10/2010
TRACKER RESOURCE DEVELOPMENT II, LLC ERICKSON 11-1H 1/31/2010
TRACKER RESOURCE DEVELOPMENT II, LLC SMUGALA 27-1H
TRACKER RESOURCE DEVELOPMENT II, LLC LARSEN 13-1H 5/23/2010
TRACKER RESOURCE DEVELOPMENT II, LLC KUKLA 15-1H
TRACKER RESOURCE DEVELOPMENT II, LLC BUCK 27-1H
TRACKER RESOURCE DEVELOPMENT II, LLC RIEMER 2-1H 2/20/2010
TRACKER RESOURCE DEVELOPMENT II, LLC OBRIGEWITCH 34-1H 3/12/2010
TRACKER RESOURCE DEVELOPMENT II, LLC KOUBA 25-1H 3/19/2010
TRACKER RESOURCE DEVELOPMENT II, LLC OBRIGEWITCH 4-1H 4/18/2010
TRACKER RESOURCE DEVELOPMENT II, LLC DANIELLE 12-1H 5/30/2010
TRACKER RESOURCE DEVELOPMENT II, LLC LIND 2-1H
TRACKER RESOURCE DEVELOPMENT II, LLC MURPHY 11-1H
TRACKER RESOURCE DEVELOPMENT II, LLC KUDRNA 10-1H
TRACKER RESOURCE DEVELOPMENT II, LLC MCCARTHY 9-1H
TRACKER RESOURCE DEVELOPMENT II, LLC COTTONWOOD 10-1H
UPTON RESOURCES U.S.A. INC. DAVIS CREEK 2-28H
WARD-WILLISTON COMPANY NORTH WESTHOPE-MADISON UNIT A-5 7/5/2010
WARD-WILLISTON COMPANY ARTZ 22-42 1/30/2010
WARD-WILLISTON COMPANY ARTZ 15-13 3/1/2010
WARD-WILLISTON COMPANY ANTLER MIDALE UNIT 24-32 2/9/2010
WARD-WILLISTON COMPANY ASHEIM 28-13
WARD-WILLISTON COMPANY MRPSU 30-44 3/11/2010
WHITING OIL AND GAS CORPORATION W. F. HAMILTON FED. COM. 1
WHITING OIL AND GAS CORPORATION RON OLSON 31-1HCE 6/7/2010
WHITING OIL AND GAS CORPORATION PERDUE 23-2
WHITING OIL AND GAS CORPORATION NIEMI 44-22H 3/14/2010
WHITING OIL AND GAS CORPORATION BOLN 23-28
WHITING OIL AND GAS CORPORATION FOREMAN 31-34
WHITING OIL AND GAS CORPORATION EVANSON 32-28
WHITING OIL AND GAS CORPORATION HEDSTROM 43-13
WHITING OIL AND GAS CORPORATION GRANTIER 12-4D
WHITING OIL AND GAS CORPORATION MAKI 11-27H 3/14/2010
WHITING OIL AND GAS CORPORATION SATTERTHWAITE 44-1H 4/22/2010
WHITING OIL AND GAS CORPORATION SANISH BAY 42-12H 5/24/2010
WHITING OIL AND GAS CORPORATION JONES 44-35
WHITING OIL AND GAS CORPORATION ARNDT 11-24H 2/20/2010
WHITING OIL AND GAS CORPORATION KANNIANEN 11-5H 2/20/2010
WHITING OIL AND GAS CORPORATION CARKUFF 11-12H 1/23/2010
WHITING OIL AND GAS CORPORATION JONES 11-8H 3/14/2010
WHITING OIL AND GAS CORPORATION TOLLEFSON 44-10H 2/20/2010
WHITING OIL AND GAS CORPORATION NESHEIM 21-24H 3/14/2010
WHITING OIL AND GAS CORPORATION STROBECK 11-1H 2/20/2010
WHITING OIL AND GAS CORPORATION HAGEY 11-13H 3/14/2010
WHITING OIL AND GAS CORPORATION TTT RANCH 43-4H 6/21/2010
WHITING OIL AND GAS CORPORATION PLATT 44-28H 5/24/2010
WHITING OIL AND GAS CORPORATION OGDEN 11-3TFH 4/22/2010
WHITING OIL AND GAS CORPORATION NESS 44-21H 6/21/2010
WHITING OIL AND GAS CORPORATION LITTLEFIELD 12-31H 4/22/2010
WHITING OIL AND GAS CORPORATION SIKES STATE 44-16H 5/24/2010
WHITING OIL AND GAS CORPORATION ANDERSON 11-7TFH 5/3/2010
WHITING OIL AND GAS CORPORATION IVERSON 11-14H 5/24/2010
WHITING OIL AND GAS CORPORATION RIGEL STATE 12-16H 5/3/2010
WHITING OIL AND GAS CORPORATION KANNIANEN 44-33H 5/3/2010
WHITING OIL AND GAS CORPORATION FLADELAND 11-10H 7/11/2010
WHITING OIL AND GAS CORPORATION FLADELAND 44-9H 6/21/2010
WHITING OIL AND GAS CORPORATION BSMU 3602X
WHITMAR EXPLORATION COMPANY STATE 1-36H
WHITMAR EXPLORATION COMPANY STATE 2-36H
XTO ENERGY INC. THOMAS 44X-18
XTO ENERGY INC. LUNDIN FEDERAL 31X-9
XTO ENERGY INC. KRUSHEVSKY LOGOSZ 11X-35
XTO ENERGY INC. CHRUSZCH 43X-29
XTO ENERGY INC. CLEO 31X-5
XTO ENERGY INC. KESSEL 21X-6
XTO ENERGY INC. CLARENCE FEDERAL 34X-7 3/9/2010
XTO ENERGY INC. BJARNE 34X-13 5/27/2010
XTO ENERGY INC. EIDE 31X-29 4/13/2010
XTO ENERGY INC. MENDENHALL 12X-18 3/11/2010
XTO ENERGY INC. H M HOVE 34X-33
XTO ENERGY INC. MARIANA TRUST 12X-20 2/11/2010
XTO ENERGY INC. ROSSMILLER 31X-15
XTO ENERGY INC. VIOLET 21X-29 2/20/2010
XTO ENERGY INC. KRIEGER 42X-17 2/6/2010
XTO ENERGY INC. BURNS FEDERAL 41X-30 3/18/2010
XTO ENERGY INC. MONDAK FEDERAL 11X-14 5/14/2010
XTO ENERGY INC. MCPETE FEDERAL 34X-34
XTO ENERGY INC. BOOMER 34X-35
XTO ENERGY INC. CAROL FEDERAL 24X-6 6/21/2010
XTO ENERGY INC. LOIS FEDERAL 24X-6 5/10/2010
XTO ENERGY INC. EDWARD 21X-28 6/12/2010
XTO ENERGY INC. BARSTAD 32X-13 5/29/2010
XTO ENERGY INC. MYRNA 21X-2
XTO ENERGY INC. WHITE FEDERAL 34X-34
XTO ENERGY INC. CHRISTOPHER 21X-12
XTO ENERGY INC. ALLIE 31X-24
XTO ENERGY INC. EMMA 31X-30
XTO ENERGY INC. WARD 11X-23
XTO ENERGY INC. MONDAK FEDERAL 14X-11
XTO ENERGY INC. BABETTE 24X-33
XTO ENERGY INC. HOLTE 21X-4
XTO ENERGY INC. NELSON 34X-19
XTO ENERGY INC. BERNEL FEDERAL 44X-19
ZAVANNA, LLC LYNX 1-27H
ZAVANNA, LLC GENE 1-22H
ZAVANNA, LLC BOBCAT 1-25H 5/1/2010
ZAVANNA, LLC GRASSER 1-26H
ZAVANNA, LLC HANSON 1-28H
ZAVANNA, LLC MARTY 1-20H
ZAVANNA, LLC RODNEY 1-14H
ZAVANNA, LLC OCELOT 1-15H
ZAVANNA, LLC COUGAR 1-35H
ZAVANNA, LLC LION 1-14H
ZAVANNA, LLC TIGER 1-23H
ZAVANNA, LLC LEOPARD 1-20H
ZAVANNA, LLC CHEETAH 1-10H
ZAVANNA, LLC JAGUAR 1-22H
ZAVANNA, LLC SERVAL 1-9H
ZAVANNA, LLC PANTHER 1-16H
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 NATHAN HALE 4-25H 3/15/2010
ZENERGY OPERATING COMPANY, LLC VAN HOOK – R/S 16-4H 6/11/2010
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 TAT 2-4H
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 CROSS 2-13H 2/9/2010
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 ETHAN HALL 2-14H
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 MORSETTE 15-26H
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 PATRICIA CHARGING 4-15H 4/25/2010
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 TAT 15-1H 6/11/2010
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 BEARSTAIL 32-29H
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 BIRDSBILL 14-16H
ZENERGY OPERATING COMPANY, LLC DAKOTA-3 CLARA 14-17H
ZENERGY OPERATING COMPANY, LLC THOMPSON 1-SWD 5/27/2010
ZENERGY, INC KALINE 1-12H
ZENERGY, INC ANDERSON 1-13H
ZENERGY, INC BERTRAND 1-5H
ZENERGY, INC J. FIELD 1-17H
ZENERGY, INC COLTER 1-15H
ZENERGY, INC STEINER 1-28H
ZENERGY, INC PVT. SHIELDS 1-3H
ZENERGY, INC PVT. SHANNON 1-4H
ZENERGY, INC DROUILLARD 1-33H
ZENERGY, INC PVT. HOWARD 1-28H
ZENERGY, INC MURRAY 1-26H
ZENERGY, INC FISK 1-35H
ZENERGY, INC PVT MCNEAL 32-31H
ZENERGY, INC PVT LEPAGE 30-29H
ZENERGY, INC CRATER LAKE 1-31H
ZENERGY, INC VONNIE 1-18H
ZENERGY, INC AGNES 1-13H
ZENERGY, INC REDWOOD 1-33H
ZENERGY, INC DENNIS 1-12H
ZENERGY, INC ROLFSRUD 1-7H
ZENERGY, INC ELMER 1-19H
ZENERGY, INC BLACK CANYON 1-32H
ZENERGY, INC JOHNSRUD 1-34H
ZENERGY, INC MADELINE 1-22H
ZENERGY, INC GRAND TETON 1-19H
ZENERGY, INC WIND CAVE 1-30H
ZENERGY, INC WOLD 1-6H
ZENERGY, INC NOREEN 1-27H
ZENERGY, INC HOT SPRINGS 1-24H
ZENERGY, INC JOSHUA TREE 1-34H
ZENERGY, INC MAJOR LORD 1-3H
ZENERGY, INC OMLID 4-18H
ZENERGY, INC JEFFERSON 4-14H
ZENERGY, INC LUNDEEN 4-26H 7/10/2010

The week in Bakken

A couple of interesting developments surfaced this week related to the Bakken region:

  • Brigham Exploration shares climbed on 7% Wednesday on news that a recent well produced and initial rate of 3807 BoED but quickly relinquished those gains when BMO Capital Markets downgraded the stock a day later.
  • On Wednesday as well Continental Resources (NYSE: CLR) today announced a 29 percent increase in initial production rates for fourth quarter 2009 wells compared to the last quarter.  Furthermore, CLR’s CEO Hamm indicated that they plan to increase to 23 operated rigs by mid-2010.  Finally Continental has acquired an additional 70,000 net acres in leases strategically located on the western and eastern edges of the Nesson Anticline, as well as expanding westward into the Williams area.
  • Rosetta Resources (ROSE) not typically associated with Bakken plays, recently set its capital spending budget at $280 million, part of which will go to further development in the Eagle Ford and Bakken plays. The company also forecasts double-digit production growth, to a range of 145 to 155 million cubic feet per day, and growth in proved reserves, which at the end of 2008 stood at 398 billion cubic feet equivalent
  • EOG Resources of Houston, began shipments from its new terminal in northwestern North Dakota to Oklahoma. The company has said the terminal near Stanley is capable of loading 60,000 barrels of oil onto one 100-car unit train each day.
  • The bakken land grab for smaller players continues, FieldPoint Petroleum Corporation (NYSE AMEX:FPP) announced today that it has acquired a lease of approximately 440-800 gross acres in Renville County North Dakota. This property borders on the well established Bakken shale oil play which encompasses multiple counties including Mountrail, Burke, Divide and Dunn. FieldPoint has paid an average of $155.00 per acre for these oil and gas leases with an average 16-20% royalty.

As for the basket of bakken stocks,  they mostly traded sideways this week with the exception of WLL and KOG which were up 5% and 10% respectively (and happened to be our top picks for 2010 posted on Jan 3rd)

Symbol Last Trade Change Volume Avg Vol (3m)
CLR 1:30pm ET 44.80 Down 0.20 Down 0.44% 388,741 689,444
WLL 1:30pm ET 76.41 Down 0.33 Down 0.43% 435,568 977,730
EOG 1:30pm ET 97.92 Down 0.63 Down 0.64% 2,069,979 2,752,350
NOG 1:30pm ET 13.054 Down 0.116 Down 0.88% 219,819 423,594
AEZ 1:28pm ET 4.7699 Down 0.0901 Down 1.85% 317,086 661,909
BEXP 1:30pm ET 14.59 Down 0.09 Down 0.61% 1,888,634 3,705,130
KOG 1:30pm ET 2.59 Up 0.01 Up 0.39% 700,627 1,520,470
MDU 1:30pm ET 23.52 Down 0.09 Down 0.38% 131,162 651,506
GEOI 1:28pm ET 14.32 Down 0.22 Down 1.51% 23,327 86,142.2
WSEG.OB 1:22pm ET 0.03 Up 0.00 Up 3.45% 94,456 68,768.8
KDKN.OB 12:25pm ET 0.28 Up 0.01 Up 3.32% 96,850 328,373

Active Drilling Rig List – Jan 05 2010

The leading bakken players increased their drilling efforts in the latest drilling rig list pushing the total number of rigs to 78 from 74 about a month ago.   Both Continental Resources and Whiting pushed their count to 8 which is aligned with their previous guidance around increasing drilling activity in the Bakken.  Interestingly privately held Zenergy Inc also has stepped up their bakken exploration.

Rig Operator Well Name and Number Current Location
NABORS 486 AMERICAN OIL & GAS INC TONG TRUST 1-20H SWSE 20-157N-96W
BRONCO 16 ANSCHUTZ EXPL CORP NEAL 1-33-28H-144-95 LOT2 4-143N-95W
H & P 255 ANSCHUTZ EXPL CORP STATE 1-25-36H-144-97 SWSE 24-144N-97W
ENSIGN 67 BAYTEX ENERGY USA LTD SPARKS 8-162-98-2H NWNW 8-162N-98W
NABORS 49 BRIGHAM OIL & GAS LP PAPINEAU TRUST 17-20 1-H NENW 17-151N-102W
NABORS 52 BRIGHAM OIL & GAS LP LIFFRIG 29-20 1-H SWSE 29-156N-93W
NABORS 266 BRIGHAM OIL & GAS LP JACK ERICKSON 6-31 1-H SWSE 6-154N-102W
NABORS 350 BRIGHAM OIL & GAS LP KALIL 25-36 1561-H NWNE 25-156N-103W
PIONEER 44 BTA OIL PRODUCERS LLC NORTH COUNTRY, 9210 JV-P 31-8 NWNE 8-142N-102W
PRECISION 825 BURLINGTON RES O&G CO CAPITOL 34-7H SWSE 7-152N-96W
NABORS 59 BURLINGTON RES O&G CO MESA VERDE 24-22H SESW 22-152N-96W
NABORS 165 CIRQUE RESOURCES LC FEAST OF FOOLS 12-16H SESE 12-160N-91W
CYCLONE 9 CONTINENTAL RESOURCES LOWE 42-9SH SENE 9-130N-106W
TRINIDAD 36 CONTINENTAL RESOURCES MILTON 1-23H SESW 23-160N-96W
CYCLONE 20 CONTINENTAL RESOURCES FORTIER 1-17H NWNE 17-160N-96W
CYCLONE 22 CONTINENTAL RESOURCES HAWKINSON 1-22H NENW 22-147N-96W
CYCLONE 28 CONTINENTAL RESOURCES CLOVER 1-3H LOT 3 3-145N-95W
PATTERSON 180 CONTINENTAL RESOURCES KUMMER 1-31H SESW 31-150N-95W
CYCLONE 23 CONTINENTAL RESOURCES WILLIE 1-25H NENE 25-159N-95W
CYCLONE 25 CONTINENTAL RESOURCES OBERT 1-13H SESW 13-155N-104W
PATTERSON 305 ENCORE OPERATING LP BECKERT 24-7H SESW 7-145N-94W
PRECISION 289 ENCORE OPERATING LP PORCUPINE RIDGE 14-35H SWSW 35-148N-96W
BRONCO 28 EOG RESOURCES INC WESTGARD 1-28H SWSE 28-153N-89W
MAJOR 42 EOG RESOURCES INC BURKE 24-08H SESE 8-155N-90W
TRUE 32 EOG RESOURCES INC SIDONIA 18-14H NWNW 14-158N-90W
NABORS 161 EOG RESOURCES INC WAYZETTA 101-21H SWSW 21-153N-90W
NABORS 148 EOG RESOURCES INC VAN HOOK 11-02H SESE 2-152N-91W
NABORS 527 EOG RESOURCES INC PARSHALL 100-22H SESW 22-152N-90W
MAJOR 26 EOG RESOURCES INC VAN HOOK 13-35H SESE 35-152N-91W
DHS 12 EOG RESOURCES INC ROSS 100-09H SWSW 9-156N-92W
TRUE 28 EOG RESOURCES INC REDMOND 1-06H LOT4 6-157N-89W
NABORS 108 FIDELITY EXPL & PROD CO DEADWOOD CANYON RANCH 11-33H NWNW 33-154N-92W
NABORS 460 HESS CORPORATION BB-FEDERAL A-151-95- 0910H-1 SWNW 9-151N-95W
H & P 179 HESS CORPORATION EN-TROUT-157-93- 3130H-1 SWSE 31-157N-93W
H & P 241 HESS CORPORATION EN-DOBROVOLNY-155-93- 2128H-1 NWNE 21-155N-93W
BRONCO 20 HUNT OIL COMPANY LEE 8-5H 1 SWSW 8-154N-89W
UNIT 117 KODIAK OIL & GAS (USA) INC MOCCASIN CREEK 13-34-3H SWSW 34-148N-93W
H & P 259 MARATHON OIL CO DARVEY KLATT 44-22H SESE 22-146N-95W
H & P 257 MARATHON OIL CO ROHDE USA 14-20H SWSW 20-146N-92W
H & P 258 MARATHON OIL CO HUNTS ALONG USA 12-1H LOT1 2-151N-94W
H & P 256 MARATHON OIL CO HENRY CHARGING USA 21-3H LOT3 3-150N-93W
PRECISION 645 MUREX PETROLEUM CORP AMBER RENEE 25-36H NWNW 25-154N-91W
NABORS 419 NEWFIELD PROD CO MANTA RAY 1-12H SESW 12-150N-100W
NABORS 272 NEWFIELD PROD CO PITTSBURGH 1-3H NWNW 10-153N-96W
WHITE MT. 750 NEWFIELD PROD CO SAND CREEK FEDERAL 1-21H NENW 28-153N-96W
NABORS 688 OASIS PETRO NO AMER EDWARDS 5992 44-10H SESE 10-159N-92W
NABORS 177 OASIS PETRO NO AMER ANGELL 5200 31-28H NWSW 28-152N-100W
NABORS 149 OASIS PETRO NO AMER ENERSON 5792 44-4H SESE 4-157N-92W
ENSIGN 46 PETRO HUNT LLC MM WOLD 160-94-31B-6-6H NENW 31-160N-94W
ENSIGN 93 PETRO HUNT LLC FORT BERTHOLD 152-93-17C-08-1H SESW 17-152N-93W
BRONCO 8 PETRO HUNT LLC ANDERSON 152-96-35C-26-1H SESW 35-152N-96W
UNIT 329 QUESTAR E & P CO FED 1-34-35H-152-92 NWNW 34-152N-92W
KEY NRG 370 SAGEBRUSH RESOURCES LLC CRAMER 4 SWNW 8-161N-82W
ENSIGN 71 SAGEBRUSH RESOURCES LLC KALLBERG 1 H LOT 1 18-159N-90W
PIONEER 57 SHD OIL & GAS, LLC SIMBA 24-30H SESW 30-150N-90W
PRECISION 512 SIMRAY GP LLC J.M. HALL 1-19H LOT 1 19-148N-93W
PATTERSON 167 SINCLAIR OIL & GAS CO MARTENS 1-4H LOT 4 4-154N-92W
RED HAWK 558 SLAWSON EXPLORATION JUGHEAD 1-26H NENW 35-152N-93W
NABORS 687 SLAWSON EXPLORATION CANNONBALL FEDERAL 1-27-34H NENW 27-152N-91W
ENSIGN 125 SLAWSON EXPLORATION COUGAR FEDERAL 1-30H NENW 30-152N-92W
NABORS 152 ST MARY LAND & EXPLORATION CO ANDERSON 12-14H NWSW 14-149N-96W
NABORS 182 TRACKER RES DEVMNT LARSEN 13-1H NENW 13-144N-95W
NABORS 44 TRACKER RES DEVMNT DANIELLE 12-1H SESE 12-145N-97W
PIONEER 56 WHITING OIL AND GAS CORP PATTEN 44-3H SESE 3-153N-91W
BRONCO 59 WHITING OIL AND GAS CORP LEO 12-29H SWNW 29-153N-91W
PRECISION 51 WHITING OIL AND GAS CORP SORENSON 11-3H LOT 4 3-152N-91W
NABORS 686 WHITING OIL AND GAS CORP TTT RANCH 12-6H LOT 5 6-153N-91W
PIONEER 66 WHITING OIL AND GAS CORP FLADELAND 11-10H NWNW 10-154N-92W
PIONEER 67 WHITING OIL AND GAS CORP SMITH 12-7H LOT 2 7-153N-91W
PRECISION 520 WHITING OIL AND GAS CORP TTT RANCH 21-26H NENW 26-154N-92W
PRECISION 106 WHITING OIL AND GAS CORP KINNOIN 21-14H NENW 14-154N-91W
NABORS 265 XTO ENERGY INC CAROL FEDERAL 24X-6 SESW 6-148N-96W
NABORS 742 XTO ENERGY INC EDWARD 21X-28 NENW 28-149N-104W
H & P 180 XTO ENERGY INC BJARNE 34X-13 SWSE 13-154N-95W
NABORS 681 XTO ENERGY INC BARSTAD 32X-13 SWNE 13-154N-96W
ENSIGN 76 ZENERGY INC LUNDEEN 4-26H NWNW 26-152N-98W
PRECISION 96 ZENERGY OPERATING CO LLC DAKOTA-3 TAT 15-1H SWSE 1-149N-93W
PRECISION 517 ZENERGY OPERATING CO LLC VAN HOOK – R/S 16-4H SESE 4-150N-92W

Bakken outlook in 2010

The new year is upon us and it is time to review which bakken stocks are poised for growth in 2010 and which may stall.      In looking at the basket of major bakken stocks we track, they are all sharply up from their 2009 lows although I would argue that those lows were artificial due to the massive overselling during the economic meltdown and so the numbers, while dramatic, are somewhat skewed.  The vast majority of the stocks are above their 50 day moving average which indicates relative bullishness as result of oil prices staying relatively steady in the $65-80 range for the 2nd half of 2009 in conjuction with overall market recovery.  Oil production in the bakken region followed suit, with 188,000 barrels per day at the beginning of 2009 to an expected 245,000 barrels per day by the end of 2009, according to the North Dakota Department of Mineral Resources.

Symbol Last Trade Change Short Ratio PEG Ratio 52-wk Range Pct from Yr Low Pct from 50d MA
CLR Dec 31 42.89 Down 0.54 Down 1.24% 4.8 8.90 13.8447.27 Up 209.90% Up 8.12%
WLL Dec 31 71.45 Down 0.75 Down 1.04% 4 31.67 19.2675.65 Up 270.98% Up 8.04%
EOG Dec 31 97.30 Down 1.51 Down 1.53% 1.5 3.85 45.03101.76 Up 116.08% Up 7.07%
NOG Dec 31 11.84 Down 0.18 Down 1.50% 11 N/A 2.0112.66 Up 489.05% Up 14.12%
AEZ Dec 31 4.20 Up 0.03 Up 0.72% 1.1 N/A 0.504.50 Up 740.00% Up 21.50%
BEXP Dec 31 13.55 Down 0.29 Down 2.10% 3.8 N/A 1.0414.93 Up 1,202.88% Up 13.22%
KOG Dec 31 2.22 Up 0.03 Up 1.37% 1.6 N/A 0.162.89 Up 1,287.50% Down 6.51%
MDU Dec 31 23.60 Down 0.44 Down 1.83% 2.4 4.52 12.7924.22 Up 84.52% Up 2.67%
GEOI Dec 31 13.66 Up 0.17 Up 1.26% 1.7 N/A 4.9713.85 Up 174.85% Up 16.86%

So what are we to expect in 2010?   Lets take a look at the expected forward PE (figure below) for this basket of stocks.  

PE of Bakken Stocks

Brigham Exploration

The high PE for Brigham Exploration is somewhat expected as BEXP is heavily weighted in the Williston Basin region in North Dakota and is close to a bakken pure play and has the PE premium to match. Brigham Exploration has 274,500 net acres under lease in six project areas in the basin, and the company believes that it has 1,263 possible well locations. Brigham Exploration has lowered its finding and development costs from $34.45 per BOE in 2006, to $11.16 per BOE in mid 2009.    Beware though that you are essentially paying for 2011-12 earnings in 2010 but again that premium may be warranted if BEXP can bring additional wells online in 2010.    This is one of the more volatile stocks of the bunch and may see some churn throughout the year.

GEOResources Inc

The Company holds a proportionate 10% – 18% working interest in approximately 110,000 net acres in the Bakken Shale trend of the Williston Basin.  Approximately 63,000 acres are located in Mountrail County, North Dakota, with the remainder located in adjacent counties.  To date, the Company has realized a 100% success rate with 34 successful wells drilled by its joint venture operator.  In addition, the Company owns minor working interests in more than 125 wells within the Bakken/Three Forks play.    The company’s steady growth and low forward PE make it an attractive investment even though its relative working interest in its bakken wells are fairly low.

MDU Resources

The natural gas and oil production business reported earnings of $24.4 million. This reflects average
realized natural gas prices that were 34 percent lower than during the same period in 2008, and average
realized oil prices that were 47 percent lower. The decrease also reflects lower natural gas production,
which was anticipated as a result of the company’s reduced drilling activity.   Oil production, primarily in
North Dakota’s Bakken play, was up 11 percent.   This however is a fraction of MDU’s overall revenue and will continue to be for the foreseeable future.  In addition,  a bulk of MDU’s revenue comes from construction which may soften in 2010.   This stock may see flat to 10% growth in 2010.

EOG Resources

EOG has amassed 500,000+ acres in the bakken region,  but production in the area still is a small slice of their overall revenue.   Expect EOG to drill 40-50 wells to add to their current inventory of about 120-150 wells.  If they execute against their plan,  EOG could rise 10-20% in 2010 but you probably will be disappointed if you are expecting anything more than that unless natural gas prices rise dramatically as EOG has large exposure there.

Kodiak Oil & Gas

KOG has approximately 80-90% of its 2010 exploration budget going towards Bakken plays that will yield between 15-22 wells.  Assuming average working interest of 65% and 150k Barrels of oil equivalent per well in 2010 and 50%  average online time,  there is a potential for KOG to generate another $30-50 million in revenue depending on the price of oil which could buoy its stock price 30-60% from current levels if they can execute.

Northern Oil & Gas

Northern Oil expects to drill 14 to 16 net wells in 2010 with drilling capital expenditures approximating $52 Million. The 2010 wells are expected to target both the Bakken and Three Forks with a majority of wells being drilled by EOG Resources and Slawson Exploration.  Northern Oil expects to own an average of 15% working interest across the approximately 100 gross wells planned for 2010.  Northern Oil exited 2009 at a run rate of approximately 2,000 BOEPD with production increasing at a rate of 20% to 30% per quarter.  If they can execute against their plan,  they expect earnings of .40 to .50 in 2010 that would give them a PE in the 23 range.    There is somewhat of a premium priced into the stock due to their low overhead.  NOG typically only has a 15% working interest in their wells as they offload a number of the associated costs to their partners.  This hedges risk but also may limit their growth long term.  Also, they have a number of lease holds that will expire in 2011 and may require additional capital to renew.

Continental Resources

Continental Resources,  a 7 billion dollar independent oil and gas company was the largest leaseholder in the Bakken Shale play, with 605,000 net acres.  2Q09 production in the Bakken was 12,391 Boepd, compared with 8,445 Boepd in the second quarter of 2008. These totals reflect reduced drilling activity in Montana and but increased activity in North Dakota since early 2008.   Bakken production in 2Q09 accounted for 33% of Continental’s production. The Bakken accounted for 45.7 MMboe of proved reserves at year-end 2008, or 29% of the Company’s proved reserves.   CLR has a 2010 capex budget $650 million and has planned 15 additional rigs in the bakken region.  The expectation is 10% production growth, but if there could be additional production in the Bakken region.  This is due to the fact that CLR has determined there could be up to 2 distinct oil deposits under 50% of its active drilling zones. the Middle Bakken and the Three Forks/Sanish formations were separate producing reservoirs.   CLR already has cleared with the North Dakota oil & gas commission a special operating pad (dubbed ECOpad) that allows drilling of four wells from a single site.    At a 34 forward PE,  the market has definitely given CLR a premium as a result of its success in the bakken as well as its innovation.  In addition, due to the historical fiscal discipline there is less risk compared to other players in the region.   If CLR is able to execute on their plan,  we could expect 15-30% returns for this stock.

Whiting Oil & Gas

During 2009, Whiting Petroleum (NYSE:WLL) was able to claim some bakken bragging rights by reporting the highest initial production rate of any Bakken Shale well. Their  Maki 11-27H came in at 4,761 barrels of oil equivalent (BOE) per day during an initial 24-hour period in October of 2009.   In addition, Whiting’s 17-mile, 8-inch diameter oil pipeline was put online December 4, 2009 at an initial rate of 6,200 barrels of oil per day.   Whiting’s current gross operated oil production in the Sanish and Parshall fields is 20,014 barrels per day.    By the end of March 2010, Whiting expects all of its operated production to be transported by pipeline which should yield significant cost reduction related to oil storage and transport.    Based on 2009 data,  It is likely that Whiting will drill and complete more than 50 wells in the Bakken region in 2010 and increase production 20-40% as well.    This could send the stock up 25-40% in 2010.

Summary

To recap,  we generally expect bakken oil to trade proportionally to the price of crude,    but some of the bakken stocks reviewed could have upside if they exceed their production goals.    Of the stocks reviewed,  the risk/reward profile seems attractive for Kodiak Oil & Gas (KOG) as a small cap play due to its growth potential.    If oil pushes $100,  KOG could easily push to $3.50 – $4.00 from its current level in the low $2 range.    In the mid cap range, we like Whiting Oil & Gas (WLL) due to it’s fiscal discipline and steady production growth over the last 4 years.  The high rate wells have also been encouraging.      In the large cap area, there isn’t really a pure play in Bakken,  Everyone from Exxon-Mobil to EOG has significant exposure and looking at just the bakken contribution to the bottom line isn’t going to give you an accurate picture of the overall growth story of large cap oil & gas stocks.   Therefore, it isn’t appropriate to recommend one here.     We’ll check back again in a few months to see how our profiled companies are executing.