Back on track

Posted by bakken

Update: More pressure this morning due to dissipation of tropical disturbance Dolly in the Gulf causing oil to ease once again. I am looking for oil to form a base in the $120-$125 range which will hopefully cause this sporadic selling to cease

After an absolutely horrid week last week, our Bakken plays finally had a strong positive showing today with numerous stocks up 5% or more on the day. WLL, KOG and CLR looked particularly strong although the volume was a little lighter than I would have liked. Buoying the sector was a slight rebound in oil prices as well as some positive news from Northern Oil & Gas (NOG). NOG announced it was involved in the successful completion of three wells in the Three Forks/Sanish area of Bakken which brought it to a total of 11 producing wells in the area. Also, NOG has fourteen wells that are in the drilling or completion stages and is included in nearly 70 permitted or docketed-for-permit drilling locations that are expected to drill between now and early 2009. If Northern Oil & Gas can maintain even a conservative general success rate for these 70 wells, we can expect very good things in terms of pps for 2008.

Symbol	Last Trade		Change		Volume	Avg Vol (3m)
WLL	4:01PM ET	96.12	8.02	9.10%	1,591,956	1,091,650
MDU	4:01PM ET	32.31	0.44	1.38%	685,511	1,044,810
SM	4:02PM ET	48.92	1.65	3.49%	1,299,516	1,325,890
CLR	4:04PM ET	72.90	3.50	5.04%	1,174,091	1,697,610
EOG	4:02PM ET	109.03	2.64	2.48%	3,333,166	3,395,010
NOG	4:01PM ET	11.87	0.76	6.84%	846,686	578,919
KOG	4:00PM ET	3.85	0.46	13.57%	875,948	1,484,960
KDKN.OB	3:58PM ET	2.15	0.11	5.39%	372,199	243,183
BSIC.OB	3:20PM ET	1.87	0.07	3.89%	22,980	94,520.3
XTO	4:05PM ET	57.98	1.77	3.15%	9,192,680	7,794,160

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Tags: CLR KOG NOG northern oil & gas rebound sanish three forks wll