Strong Follow Through

Posted by bakken

Our recent cycle of successive groundhog days have temporarily ceased with solid upticks over the last 3 trading days.   Oil saw a temporary bottom around $59 a few days ago and has bounced strongly off that mark into the mid sixties.     It has also helped that Exxon-Mobil reported some jaw dropping profits of $14 billion as well as some good news from our bakken plays as listed below:

• Brigham Exploration Company (NasdaqGS:BEXP – News) announced three high flow working interest Bakken discoveries, participation in its first Anadarko Basin horizontal Woodford shale well
• Continental Resources (CLR) stated its third-quarter net income soared to a record of $112.4 million, or $2.65 per share, on revenue of $388.4 million which is up 135% from same quarter last year.   The news sent the stock up over 10% today
• Basic Earth Science Systems, Inc. (Basic Earth) (OTC Bulletin Board: BSIC – News) announced that its Board of Directors has authorized the repurchase of up to 500,000 shares of the Company’s outstanding common stock over the next 18 months.  This is quite unusual for a company of this size and signals that the mgmt of the company feels strongly that the stock is undervalued.

bakken

Symbol	Last Trade		Change		Volume	Avg Vol (3m)
NOG	1:03PM ET	4.74	0.18	4.06%	132,642	367,429
WLL	1:05PM ET	47.85	6.85	16.71%	1,965,892	1,342,220
SM	1:05PM ET	23.21	0.92	4.13%	423,417	1,271,550
MDU	1:05PM ET	18.55	0.85	4.80%	764,356	1,442,780
GEOI	1:04PM ET	12.82	0.41	3.30%	41,570	130,341
BSIC.OB	12:02PM ET	0.90	0.08	9.76%	2,500	38,635.9
WSEG.OB	9:52AM ET	0.12	0.01	9.09%	3,700	573,402
CLR	1:05PM ET	28.40	2.76	10.76%	1,256,084	2,248,770
BEXP	1:05PM ET	6.99	0.55	8.54%	433,091	1,027,970
KDKN.OB	12:30PM ET	0.60	0.08	15.38%	640,041	95,348.4
KOG	1:02PM ET	0.71	0.00	0.11%	181,168	1,038,580
EOG	1:05PM ET	75.01	2.43	3.35%	2,558,985	4,877,390

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Tags: anadarko basin bakken brigham exploration company Continental Resources exxon high flow woodford Woodford Shale