Hoping for a happy new year

Posted by bakkenexpert

The last trading day of the year led to modest gains but did not erase the painful 2008 that most bakken investors experienced.   The vast majority of our bakken plays were down 70-80% on the year as oil plummeted from $147 per barrel down to $40.    Pressure will continue to be exerted on the sector until oil can rebound to the $60-70 range.    In 2009, if oil stays at current levels, there will be smaller players that will file Chapter 11 because  they can’t raise the necessary capital and don’t have the cost structure to make money at $40 oil.    We ended the year with 80 active drilling rigs in the bakken region.   About 20-30% fewer than expected earlier in the year.     Some notable companies will deliver earnings in January and at that time we will get a clearer picture of how the precipticous drop in oil affected the bottom line.

bakken

Symbol	Last Trade		Change		Volume	Avg Vol (3m)
NOG	Dec 31	2.60	0.22	9.24%	356,624	270,654
WLL	Dec 31	33.46	1.41	4.40%	741,065	1,475,580
SM	Dec 31	20.31	0.59	2.99%	764,286	1,020,350
MDU	Dec 31	21.58	0.23	1.08%	912,046	1,675,130
GEOI	Dec 31	8.69	0.11	1.28%	53,428	104,125
BSIC.OB	Dec 31	0.6001	0.0299	4.75%	19,200	38,635.9
WSEG.OB	Dec 31	0.021	0.002	10.53%	453,230	142,440
CLR	Dec 31	20.71	0.09	0.44%	960,317	1,865,200
BEXP	Dec 31	3.20	0.07	2.24%	599,393	890,132
KDKN.OB	Dec 31	0.60	0.03	5.26%	110,160	95,348.4
KOG	Dec 31	0.31	0.02	5.08%	2,121,081	849,023
EOG	Dec 31	66.58	0.76	1.15%	2,282,313	4,796,620

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