Weekly Roundup: Will Bakken turn the corner?

Posted by bakken

It has been a while since our last post so I do apologize,  but we should be bringing you more Bakken news in the coming weeks!    The last 2 months have been hard on many Bakken players due to the downward pressure on oil due to European pressures as well as domestic unease about the economy.      This week, there was some firming on oil prices as some fears subsized over Spain’s debt,  and most Bakken stocks including Northern Oil & Gas (NOG: 13.89 -4.07%) ,  Continental Resources (CLR: 84.45 -1.87%) &  Oasis Petroleum (OAS: 37.93 -2.12%) bounced back with 3-4% weekly gains.   They are still all approximately down 15-30% from 52 week highs and we will have to see where oil prices converge towards before having more confidence in a meaningful recovery.    Some of the smaller players like Northern Oil & Gas, Oasis Petroleum and Kodiak Oil & Gas do look cheap with forward PE’s below 10.

Symbol	Price	52-Wk Range		Chg & % Chg		Chart
NOG	17.61	13.25	28.00	0.49	2.86%
CLR	70.74	42.43	97.19	0.73	1.04%
KOG	8.01	3.59	10.90	0.21	2.69%
WLL	40.92	28.87	63.97	0.74	1.84%
OAS	24.86	17.99	35.46	0.51	2.09%
GEOI	37.92	14.56	38.25	0.43	1.15%

In terms of Bakken news, it has been a busy month and we touch on the major happenings below:

• GMX RESOURCES INC. (GMXR: 0.00 N/A) , a 60 Million dollar micro-cap O&G company,  announced that the Company has successfully drilled and completed its sixth operated horizontal Bakken well, the Johnston 31-4-1H, 55% working interest, located in Sections 4&9 Township 146N Range 99W in McKenzie County, North Dakota. The Johnston 31-4-1H was drilled to a measured depth of 20,979′ with a lateral length of 8,869′. It was completed as a 34-stage frac Middle Bakken producer achieving a peak rate of 1,479 boepd. The Johnston 31-4-1H had a spud to total depth of 29 days, a spud to rig release of 31 days and a spud to sales of 58 days.
• Triangle Petroleum (TPLM: 5.54 -1.95%) got a reiteration of a buy rating from Cannacord Genuity last week.  Analyst, Marcus Talbert, said, “We are reiterating our rating and revising our price target following Triangle’s Q1/13 financial and operations update. In our view the recent share underperformance is not warranted given the strong project updates and relative growth outlook. TPLM remains one of our favorite ideas based on its meaningful leverage to the Bakken play and impactful near-term catalysts. We believe the current valuation represents a compelling buying opportunity given the accelerated development potential and operated catalysts in H2/12.”
• Harold Hamm, CEO of Continental Resources (CLR: 84.45 -1.87%) showed optimism in his company by making over 7 million dollars in insider buys of CLR over the last 6 months.  Hamm’s average cost works out to $71.68/share.  Shares of Continental Resources Inc. closed Friday’s session at $70.74.
• North Dakota still continues its economic growth in the Bakken region.   North Dakota produces a record amount of oil during the month of April at a clip of over 600,000 barrels per day besting Alaska to continue in the No. 2 spot in terms of oil production.    North Dakota continues to lead the nation with the lowest state unemployment rate at four-year low of 3.0% in April.

We will take a look at drilling reports and trends in the coming days on BakkenStocks.  Have a great Father’s Day!

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Active Drilling Rigs: December 2011

Posted by bakken

For the first time,  the number of Active Drilling Rigs topped 200 earlier this month up 3% from our last report in October.   The drilling activity in the region has not subsided and the mild early winter weather has allowed drilling to continue at full bore for the last 2 months.  The leaders look similar to previous months with Continental Resources leading the way with 21 Rigs.   Whiting Oil & Gas has also stepped up activity and now is 2nd among all players with 19 Drilling Rigs.   Brigham/Statoil also increased to 13 rigs overall and it will be interesting to see if they accelerate their plans under Statoil management.  Look for our upcoming article tomorrow diving into Oasis (OAS: 37.93 -2.12%) acreage in the region.

 

Rig	Operator	Well Name and Number
PRECISION 607	BAYTEX ENERGY USA LTD	THOMPSON 35-26-162-99H 1XB
ENSIGN 67	BAYTEX ENERGY USA LTD	REDFIELD 24-13-157-99H 1NC
NABORS 460	BRIGHAM OIL & GAS LP	LYLE 21-16 #1-H
NABORS 49	BRIGHAM OIL & GAS LP	PATENT GATE 7-6 #1H
PRECISION 645	BRIGHAM OIL & GAS LP	STALLION 33-28 1H
NABORS 44	BRIGHAM OIL & GAS LP	DALE 20-17 #1-H
NABORS 266	BRIGHAM OIL & GAS LP	FOREST 26-35 #1H
NOMAC 316	BRIGHAM OIL & GAS LP	SAX 25-36 #1H
NABORS 254	BRIGHAM OIL & GAS LP	STROBECK 27-34 #6H
NABORS 52	BRIGHAM OIL & GAS LP	CLIFFORD BAKKE 26-35 #4H
NABORS 182	BRIGHAM OIL & GAS LP	MARTIN 32-31 1-H
NABORS 350	BRIGHAM OIL & GAS LP	SAM 30-31 #1-H
CRAIG 4	BRIGHAM OIL & GAS LP	ZACREP 2-11 #1H
NABORS 558	BRIGHAM OIL & GAS LP	BORSHEIM TRUST 33-28 #3H
UNIT 106	BRIGHAM OIL & GAS LP	RICH 30-31 #1H
KEY NRG 885	BRIGHAM OIL & GAS LP	BLANCHE 27-22 #1H
MAJOR 41	BRIGHAM OIL & GAS LP	EVERETT 5-8 #1H
PATTERSON 136	BTA OIL PRODUCERS LLC	SHARON #1
NABORS 92	BURLINGTON RES O&G CO	GOLDPOINT 41-25TFH
PRECISION 825	BURLINGTON RES O&G CO	CECILIA STROH 34-7MBH
H & P 446	BURLINGTON RES O&G CO	BRAZOS 24-34H
NABORS 59	BURLINGTON RES O&G CO	NEIL 24-19MBH
NABORS 687	BURLINGTON RES O&G CO	UBERWACHEN 22-34
NOMAC 359	CHESAPEAKE OPERATING INC	DECKER 26-138-97 A 1H
NOMAC 312	CHESAPEAKE OPERATING INC	KOSTENKO 30-138-97 A 1H
PRECISION 831	CONTINENTAL RESOURCES	BURIAN 1-27H
PATTERSON 490	CONTINENTAL RESOURCES	OVERLAND 1-8H
TRINIDAD 36	CONTINENTAL RESOURCES	HAMPTON 1-2H
PATTERSON 183	CONTINENTAL RESOURCES	INGEBRET 1-8H
PATTERSON 338	CONTINENTAL RESOURCES	EDWARD 1-23H
CYCLONE 28	CONTINENTAL RESOURCES	KUKLA 3-16H
PATTERSON 455	CONTINENTAL RESOURCES	JACK 2-9H
PATTERSON 180	CONTINENTAL RESOURCES	QUALE 1-1H
CYCLONE 22	CONTINENTAL RESOURCES	LAZORENKO 1-2H
CYCLONE 4	CONTINENTAL RESOURCES	JAMESTOWN 1-17H
CYCLONE 14	CONTINENTAL RESOURCES	BOHMBACH 3-35H
CYCLONE 20	CONTINENTAL RESOURCES	TODD 1-6H
CYCLONE 21	CONTINENTAL RESOURCES	VADER 1-7H
CYCLONE 2	CONTINENTAL RESOURCES	CINCINNATI 1-30H
CYCLONE 25	CONTINENTAL RESOURCES	CHARLESTON 1-22H
CYCLONE 10	CONTINENTAL RESOURCES	KING 1-5H
CYCLONE 31	CONTINENTAL RESOURCES	LOKKEN 3-2H
PRECISION 832	CONTINENTAL RESOURCES	SEVRE 1-22H
CYCLONE 19	CONTINENTAL RESOURCES	SUTTON 1-3H
CYCLONE 5	CONTINENTAL RESOURCES	RIXEY 1-28H
PATTERSON 515	CONTINENTAL RESOURCES	GARNER 1-32H
ENSIGN 118	CORNERSTONE NAT RES LLC	CUPLIN 6-3-10H
STONEHAM 17	CRESCENT PT ENERGY US	CPEUSC AMELIA GRACE 7-6-158N-99W
PRECISION 630	CRESCENT PT ENERGY US	CPEUSC AUSTIN 17-20-158N-99W
PRECISION 96	DAKOTA-3 E&P CO	BUFFALO 1-36HC
NABORS 486	DAKOTA-3 E&P CO	FOX 14-8H
PRECISION 517	DAKOTA-3 E&P CO	SKUNK CREEK 23-14 HC
PATTERSON 336	DAKOTA-3 E&P CO	PLENTY SWEET GRASS 18-19HC
SST 68	DAKOTA-3 E&P CO	BENSON 16-3H
H & P 448	DENBURY ONSHORE	TRMU 24X-12H
PATTERSON 301	DENBURY ONSHORE	SATTER 24-35SEH
PATTERSON 305	DENBURY ONSHORE	ERICKSON 41-25SWH
PRECISION 511	DENBURY ONSHORE	OLSON 34-19SWH
PRECISION 289	DENBURY ONSHORE	NELSON 24-11NEH
H & P 454	DENBURY ONSHORE	ROEN 24-23NH
H & P 456	DENBURY ONSHORE	JOHNSON 24-31NEH
ENSIGN 152	ENERPLUS RES USA CORP	SITKA 149-93 06A-3H TF
PRECISION 631	ENERPLUS RES USA CORP	CEDAR 148-94 12D-01-4H TF
ENSIGN 88	ENERPLUS RES USA CORP	SPRUCE 148-94 12C-01-2H TF
PRECISION 560	ENERPLUS RES USA CORP	GRAY WOLF 148-94-05CH TF
TRUE 32	EOG RESOURCES INC	VANVILLE 15-1102H
MAJOR 45	EOG RESOURCES INC	VANVILLE 17-1213H
TRUE 33	EOG RESOURCES INC	WEST CLARK 3-2413H
SST 58	EOG RESOURCES INC	WEST CLARK 1-2413H
DHS 12	EOG RESOURCES INC	LOSTWOOD 10-2227H
NOMAC 328	EOG RESOURCES INC	LIBERTY LR 15-26H
NABORS 527	EOG RESOURCES INC	WAYZETTA 124-3334H
DHS 4	EOG RESOURCES INC	CLEARWATER 200-06 SWD
DHS 9	EOG RESOURCES INC	HARDSCRABBLE 8-0409H
NABORS 108	FIDELITY EXPL & PROD CO	LACI 21-28-27H
NABORS 280	FIDELITY EXPL & PROD CO	PARKER 29-32H
CANELSON 43	FLATIRONS RESOURCES LLC	LUNDE 32-33
ENSIGN 71	G3 OPERATING LLC	ARNSON 1-5-8H
STONEHAM 16	G3 OPERATING LLC	HOUGHT 1-1-12H
UNIV DRLG 1	GADECO, LLC	GOLDEN 25-13H
PARAMOUNT 1E	GMX RESOURCES	EVONIUK 21-2-1H
PRECISION 18	HELIS OIL & GAS CO. LLC	VEEDER 1-27/34H
PRECISION 604	HELIS OIL & GAS CO. LLC	FOREMAN 5-2/1H
H & P 241	HESS CORPORATION	SMUGALA 27-1H
H & P 295	HESS CORPORATION	LK-POHRIBNAK 147-96-16H-3
PRECISION 618	HESS CORPORATION	HA-DAHL-152-95- 0706H-2
NABORS B06	HESS CORPORATION	BW-R PETERSON 149-99-1102H-1
NABORS 2	HESS CORPORATION	EN-SORENSON B-155-94- 3526H-1
NABORS B-04	HESS CORPORATION	EN-MEIERS B-156-93- 1003H-1
NABORS B-03	HESS CORPORATION	EN-RIERSGARD-156-93- 1718H-2
NABORS B5	HESS CORPORATION	EN-THRONSON- 154-94-2029H-1
NABORS 1	HESS CORPORATION	EN-POSTOVIT 157-93-0706H-1
NABORS B1	HESS CORPORATION	EN-BINGER 157-94-1201H-1
H & P 293	HESS CORPORATION	GO-QUALLEY-157-97- 1102H-1
MAJOR 27	HESS CORPORATION	SC-FOSTER 153-99-2932H-1
PRECISION 620	HESS CORPORATION	SC-JEAN 157-99-0904H-1
H & P 179	HESS CORPORATION	GO-JARLAND-156-98- 1102H-1
H & P 294	HESS CORPORATION	CA-HALVERSON-154-95- 0409H-2
H & P 317	HUNT OIL COMPANY	HALLIDAY 2-12-1H 1
FRONTIER 19	HUNT OIL COMPANY	CLEARWATER 1-26-23H 1
UNIT 109	KODIAK OIL & GAS (USA) INC	CHARGING EAGLE 15-14-11-4H
UNIT 117	KODIAK OIL & GAS (USA) INC	SKUNK CREEK 9-2-3-5H
UNIT 328	KODIAK OIL & GAS (USA) INC	EAST GRIZZLY FEDERAL 3-25-36-15H
UNIT 123	KODIAK OIL & GAS (USA) INC	SMOKEY KAREN 16-20-17-2H
UNIT 118	KODIAK OIL & GAS (USA) INC	KOALA 15-31-30-3H3
CANELSON 42	LEGACY OIL & GAS ND	LEGACY ET AL BERGE 1-1H
ENSIGN 86	LIBERTY RESOURCES	FRITZ 150-101-32-29-1H
H & P 309	LIBERTY RESOURCES	BERGER 156-100-7-6-1H
H & P 259	MARATHON OIL CO	ECKELBERG 14-23H
H & P 386	MARATHON OIL CO	BEN RECKARD 44-22H
H & P 392	MARATHON OIL CO	BLACK HAWK USA 31-16H
H & P 258	MARATHON OIL CO	WAKELUM 41-3H
H & P 256	MARATHON OIL CO	JESSICA USA 21-6TFH
PRECISION 602	MUREX PETROLEUM CORP	ETHAN ROBERT 5-32H
PATTERSON 335	NEWFIELD PROD CO	CHARLOTTE 150-98-17-20-2H
NABORS 272	NEWFIELD PROD CO	BRATLIEN 154-100-33-28-1H
ENSIGN 89	NORTH PLAINS ENERGY LLC	KING 3-8H
H & P 457	OASIS PETRO NO AMER	SHAW 6092 24-22H
NABORS 110	OASIS PETRO NO AMER	CHICKEN CREEK FEDERAL 44-35H
EXTREME 17	OASIS PETRO NO AMER	BRAY 5301 43-12H
NABORS 149	OASIS PETRO NO AMER	CATCH FEDERAL 5201 11-12H
NABORS 165	OASIS PETRO NO AMER	DUNLIN 5892 34-32H
NABORS 177	OASIS PETRO NO AMER	FLINDERS FEDERAL 5602 13-18H
CRAIG 5	OASIS PETRO NO AMER	CORNELL 5501 13-1H
STONEHAM 18	OASIS PETRO NO AMER	MCCAULEY 5501 14-3H
ENSIGN 153	OXY USA INC	STATE TITOS 1-3-10H-142-98
NABORS B9	OXY USA INC	STATE JOE LOH 1-20-17H-143-98
TRINIDAD 118	OXY USA INC	SORLIE 160-90-7-P16-1H
UNIT 121	OXY USA INC	JOE V SEMERAD 1-12-1H-142-97
UNIT 120	OXY USA INC	ROBERT SADOWSKY 1-2-35H-143-96
TRINIDAD 221	OXY USA INC	ELSIE DVORAK 1-8-17H-141-96
UNIT 122	OXY USA INC	STATE BRIAN SADOWSKY 1-10-3H-142-97
H & P 325	OXY USA INC	WITTINGER 2-17-5H-143-95
H & P 329	OXY USA INC	RAPHAEL STROH 2-13-24H-143-97
NABORS 413	OXY USA INC	PRIVRATSKY 1-28-33H-141-95
PRECISION 426	OXY USA INC	STATE JABLONSKY 1-1-12H-141-95
MAJOR 26	OXY USA INC	BEATRICE KUBISCHTA 3-15-22H-143-96
H & P 255	OXY USA INC	SPRING CREEK 1-20-141-93
KEY NRG 370	PETRO HARVESTER OPERATING	OPSETH 29-7
UNIT 329	PETRO HUNT LLC	SETTERLUND 159-94-28B-33-1H
H & P 180	PETRO HUNT LLC	FORT BERTHOLD 148-94-30A-31-2H
ENSIGN 77	PETRO HUNT LLC	FORT BERTHOLD 151-94-34C-27-1H
UNIT 108	PETRO HUNT LLC	KLOSE 151-103-26B-35-1H
NOMAC 323	PETRO HUNT LLC	OAKLAND 151-103-29B-32-1H
NOMAC 322	PETRO HUNT LLC	FORT BERTHOLD 151-94-26B-35-1H
PATTERSON 491	PETRO HUNT LLC	BRENNA 152-96-23C-14-4H
NOMAC 308	PETRO HUNT LLC	SORENSON 152-96-24C-13-4H
ENSIGN 46	PETRO HUNT LLC	JORGENSON 158-94-12C-1-1H
UNIT 234	PETRO HUNT LLC	ROSSLAND 157-101-14B-23-1H
UNIT 233	PETRO HUNT LLC	STATE OF NORTH DAKOTA 154-99-16A-1H
ENSIGN 24	PETRO HUNT LLC	PASTERNAK TRUST 157-100-18A-19-1H
ENSIGN 93	PETRO HUNT LLC	MILLER 157-101-12C-1-1H
SST 66	QEP ENERGY CO	MHA 4-06-01H-149-92
MAJOR 24	QEP ENERGY CO	MHA 4-06-07H-147-92
H & P 324	SAMSON RESOURCES CO	DORADO 14-23-162-98H
H & P 277	SAMSON RESOURCES CO	COUGAR 26-35-163-97H
PIONEER 42	SAMSON RESOURCES CO	PIGEON 30-31-162-96H
NABORS 455	SAMSON RESOURCES CO	STANLEY 28-21-156-91H
PATTERSON 167	SLAWSON EXPLORATION	TURBO #2-21-16H
NABORS 419	SLAWSON EXPLORATION	BARNSTORMER FEDERAL #1-3-10H
FRONTIER 16	SLAWSON EXPLORATION	WOLVERINE FEDERAL #1-31-30H
CYCLONE 27	SLAWSON EXPLORATION	MENACE 1-17-20H
CANELSON 41	SLAWSON EXPLORATION	SORCERER 1-14-15H
NABORS 152	SM ENERGY CO	WOLTER 15-8H
NABORS 476	SM ENERGY CO	SYVERSON 16-34H
EXTREME 18	SM ENERGY CO	BOGNER 13-20H
EXTREME 7	TRIANGLE USA PETROLEUM	DWYER 150-101-21-16-1H
NEW ENERGY 1	TRIANGLE USA PETROLEUM	LARSON 149-100-9-4-1H
TRUE 36	TRUE OIL LLC	ANDERSON 12-18H
H & P 276	WHITING OIL AND GAS CORP	ROXANE 21-16H
NABORS 267	WHITING OIL AND GAS CORP	BSMU 2905
NABORS 686	WHITING OIL AND GAS CORP	FRANKS CREEK STATE 21-16TFH
NABORS 112	WHITING OIL AND GAS CORP	DULETSKI 21-13TFH
PIONEER 44	WHITING OIL AND GAS CORP	KJELSTRUP 44-24TFH
NABORS 587	WHITING OIL AND GAS CORP	TIFFT 21-18H
NABORS B07	WHITING OIL AND GAS CORP	CHITWOOD 34-36H
PRECISION 520	WHITING OIL AND GAS CORP	BROWN 41-28XH
PIONEER 57	WHITING OIL AND GAS CORP	LINDSETH 12-12TFH
NABORS 99	WHITING OIL AND GAS CORP	MAKI 41-33XH
PRECISION 51	WHITING OIL AND GAS CORP	JONES 34-4H
PRECISION 106	WHITING OIL AND GAS CORP	S-BAR 11-7TFH
PIONEER 66	WHITING OIL AND GAS CORP	KLEFSTAD 24-25H
PIONEER 67	WHITING OIL AND GAS CORP	DARYL LOCKEN 21-22H
PIONEER 3	WHITING OIL AND GAS CORP	OBRIGEWITCH 21-16TFH
NABORS B-08	WHITING OIL AND GAS CORP	BURESH 34-10TFH
PATTERSON 488	WHITING OIL AND GAS CORP	KUBAS 34-12PH
H & P 316	WHITING OIL AND GAS CORP	IVER & MINNIE 21-14PH
PIONEER 56	WHITING OIL AND GAS CORP	BERGSTROM 44-10H
NABORS 109	XTO ENERGY INC	FBIR BEAKS 24X-8
NABORS 681	XTO ENERGY INC	FBIR GUYBLACKHAWK 24X-27
H & P 239	XTO ENERGY INC	CHRISTIANA 21X-6
NABORS 265	XTO ENERGY INC	TRUAX STATE 11X-16
PATTERSON 191	XTO ENERGY INC	WILLEY 31X-3
NABORS 742	XTO ENERGY INC	COLETTE 21X-18
PRECISION 512	ZAVANNA LLC	LARSEN 32-29 1H
NABORS 688	ZAVANNA LLC	LION 1-14H
NABORS 148	ZAVANNA LLC	THELMA 1-21H
ENSIGN 76	ZENERGY INC	ROLFSRUD 18-19H
NOMAC 327	ZENERGY INC	KNELS 20-29H
NOMAC 315	ZENERGY INC	MARY 3-10H

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