Markets rebounded decisively on positive European bailout news on Friday with the Dow and Nasdaq with gains of 2.2% and 3% respectively. Many Bakken stocks got a much needed boost with gains of 3-9% across most Bakken O&G companies. For many of the stocks, the move represents a push above the 15 day MA of the stocks and hopefully will provide a support base for future gains.
The region was busy with a lot of key developments as listed below:
Pershing Square Capital Management LP, the largest investor in Canadian Pacific Railway continues to expand rail operations in the Bakken. The railway is one of only two with access to the bakken region in North Dakota. Canadian Pacific Railway Ltd. announced an agreement June 22 with U.S. Silica (SLCA: 20.86 -2.75%) , the second largest U.S. producer of sand for hydraulic fracturing – known as fracking – to bring sand from a facility in Sparta, Wisconsin to the North Dakota.
Statoil (STO: 21.85 -1.89%) announced aggressive plans to triple output in the next 8 years. A key growth area for Statoil is the Bakken region where it acquired Brigham Exploration in 2011 and is actively leveraging Brigham’s drilling expertise.
Credo Petroleum (CRED: 0.00 N/A) provided an update on operations. Credo has participated in 30 Bakken and Three Forks wells to date. 21 of the wells have been completed and all are high rate producers. Eleven new producing wells have been placed on production this fiscal year, and five producers have been added since the Company’s last update. Based on recent progress, the Company expects additional wells to be added to this year’s drilling schedule.
I am a Bakken junkie, I live, breathe and eat bakken. It is an acquired taste
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