23
Weeky Roundup
Posted by bakkenThe overall market has been on an upswing over the last few trading sessions with oil up almost 12% in the last 3 weeks. Bakken stocks benefited from the recent move and may have gotten a little extra buying with Brigham being acquired by Statoil ASA. The move may trigger some consolidation in the region with a number of other companies such as Continental Resources and Oasis Petroleum looking attractive. We’ll be issuing our top 3 bakken acquisition targets at the end of the week but in the meantime, noodle on the latest happenings in the region:
- There as been a lot of recent leasing activity in South Dakota and the potential for the Tyler Formation. State geologist Ed Murphy in North Dakota said the formation extends from the western part of that state into northwest South Dakota and may hold up to one-third the volume of oil estimated in the prolific Bakken.
- As expected, many investors are looking at the largest owners of acreage in the region with the Brigham acquisition. Among the biggest U.S. explorers in the formation are Oasis and Whiting who own the most Bakken shale acreage versus their takeover value, according to data compiled by Bloomberg. On that basis, both control more land than Brigham Exploration.
- Sunoco (SUN: 38.50 +0.65%) has been receiving quantities of Bakken crude oil from the Mid-Continent to run at its Philadelphia-area refineries, trade sources said on Friday. Traders said the crude was railed to Albany, New York and then barged down to Philadelphia. One trade source said volumes were between 10,000 and 20,000 barrels per day.
- The 2nd annual Bakken Infrastructure Summit kicks off this week in Denver. The summit’s focus will be on the full range of initiatives to develop expanded infrastructure capacity for the Bakken region, including briefings on every major pipeline project currently under development.
Take care until next time!

