Sep
23
Posted by bakkenexpert
Yesterday oil futures spiked more than 10% on the potential impact and devaluation of the dollar on a $700 billion bailout of the financial sector. Today there was some profit taking but oil still closed above $105 which allowed our bakken plays to keep most of their gains. As the market has endured turbulence, the bakken related companies have gone about their business continuing to build up production capacity and expanding in the bakken region. Notable highlights over the last 2 weeks:
- Northern Oil & Gas (NOG) announced 8 new Bakken discoveries with anywhere from 1%-12.5% working interest. These wells average 768 BOPD.
- Northern Oil & Gas (NOG) announced that with recent leasehold acquisitions, Northern’s acreage position in the North Dakota Bakken and Three Forks/Sanish plays has grown to approximately 65,000 net acres.
- MDU Resources (MDU) estimates that it holds approximately 950 Bcfe of probable and possible reserves, a 19 percent increase from its previous estimate released in July 2007. The increase is largely driven by the company’s exploration plays in the Bakken and Paradox Basin areas and the recent East Texas acquisition.
- Kodiak Oil & Gas (KOG) released info that it now owns an approximate 38,000 net acres under 54,000 gross leasehold acres on the Fort Berthold Indian Reservation (FBIR) in Dunn County, N.D. The Company has three approved drilling permits and recently completed construction of a drilling pad on one of these permits.
- UBS upgraded EOG Resources from hold to buy which helped send the stock up $15 this week.
We have not seen any hint of slowing of exploration for our bakken plays which is a positive sign. If oil can continue to stay over $100, the rest of the year could be quite promising as we head into earnings season.
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Sep
18
Posted by bakkenexpert
The downturn in financial markets had sparked renewed fears of a global slowdown amid the credit crunch. For the better part of the last 2 weeks, this took its toll on the price of oil which caused our bakken plays to drop 10-20% during the period. There has been such a mistrust of the financial system that now oilinvesting is being viewed as a flight to quality which may provide a short term base while the capital market issues attempt to resolve themselves. On a positive note, it does look like oil has major support around $90 and if we can get a prolonged hold of that level, then big dollar oil investors may enter the fray.
| bakken |
 |
| Symbol |
Last Trade |
Change |
Volume |
Avg Vol (3m) |
| NOG |
11:23AM ET |
7.04 |
 0.12 |
1.73% |
170,642 |
508,603 |
| WLL |
11:24AM ET |
70.59 |
0.49 |
0.70% |
404,045 |
1,190,530 |
| SM |
11:23AM ET |
34.86 |
0.06 |
0.17% |
531,390 |
1,456,460 |
| MDU |
11:24AM ET |
26.65 |
 0.15 |
0.56% |
511,302 |
1,106,240 |
| GEOI |
11:23AM ET |
11.11 |
1.16 |
11.66% |
89,040 |
214,415 |
| BSIC.OB |
11:11AM ET |
1.30 |
0.10 |
7.14% |
18,795 |
43,792.3 |
| WSEG.OB |
11:20AM ET |
0.1250 |
0.0400 |
24.24% |
257,534 |
789,254 |
| CLR |
11:23AM ET |
36.39 |
1.90 |
5.51% |
1,304,581 |
2,017,570 |
| BEXP |
11:23AM ET |
12.74 |
0.65 |
5.38% |
478,931 |
1,304,140 |
| KDKN.OB |
11:23AM ET |
0.86 |
0.26 |
23.21% |
105,260 |
95,510.8 |
| KOG |
11:23AM ET |
1.3800 |
0.1800 |
15.00% |
1,128,631 |
1,350,410 |
| EOG |
11:24AM ET |
90.33 |
1.52 |
1.71% |
2,018,772 |
4,224,690 |
Related posts
Sep
09
Posted by bakkenexpert
Our Bakken bucket of stocks continues to languish under the pressure of falling oil prices. We have had a cautious stance on the sector since late June when oil started its descent. For those who are long, we hope that OPEC can vigorously defend the $100 a mark. Defense of this psychological marker will allow for stabilization of our bakken plays in the long term. For now we must wait and endure the pain.
| bakken |
|
| Symbol |
Last Trade |
Change |
Volume |
Avg Vol (3m) |
| NOG |
10:48AM ET |
5.71 |
0.40 |
6.56% |
72,433 |
533,884 |
| WLL |
10:49AM ET |
75.82 |
7.59 |
9.10% |
592,988 |
1,092,670 |
| SM |
10:48AM ET |
36.39 |
2.33 |
6.02% |
578,570 |
1,436,810 |
| MDU |
10:49AM ET |
29.11 |
1.34 |
4.40% |
558,302 |
1,060,430 |
| GEOI |
10:48AM ET |
11.90 |
1.52 |
11.33% |
52,552 |
241,614 |
| BSIC.OB |
2:51PM ET |
1.57 |
0.00 |
0.00% |
0 |
51,378.1 |
| WSEG.OB |
10:44AM ET |
0.18 |
0.00 |
0.00% |
29,660 |
814,181 |
| CLR |
10:48AM ET |
35.98 |
4.75 |
11.66% |
1,120,640 |
1,891,030 |
| BEXP |
10:49AM ET |
10.94 |
1.06 |
8.83% |
572,406 |
1,284,620 |
| KDKN.OB |
10:32AM ET |
1.51 |
0.00 |
0.00% |
10,600 |
126,373 |
| KOG |
10:48AM ET |
2.16 |
0.33 |
13.26% |
385,008 |
1,297,400 |
| EOG |
10:49AM ET |
86.38 |
5.91 |
6.40% |
1,698,077 |
3,901,030 |
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