Jan
03
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 |
Related posts
Nov
08
Posted by bakkenexpert
The market has taken a somewhat predictable yet still very volatile pattern over the last few weeks. We see resistance when the dow approachs the 9200-9500 range and we have seen three retracements to the 8500 range. Oil has retraced into the high 50’s twice and then bounced back into the 60’s. Oil investors are viewing this as a positive sign and the start of a long term bottom. Most of our bakken plays are holding steady around 30-50% higher than their 52 week low. With a deep recession in progress and investors looking for a flight to quality, oil as a commodity may be back in fashion soon and we may see a sector rotation back into oil. EOG and MDU showed quite a bit of strength today as Citigroup upgraded the natural gas sector citing valuation.
| Symbol |
Last Trade |
Change |
Volume |
Avg Vol (3m) |
| NOG |
Nov 7 |
5.03 |
0.19 |
3.64% |
161,035 |
346,774 |
| WLL |
Nov 7 |
43.96 |
0.38 |
0.87% |
1,962,646 |
1,380,350 |
| SM |
Nov 7 |
22.73 |
1.08 |
4.99% |
631,127 |
1,211,560 |
| MDU |
Nov 7 |
18.61 |
0.93 |
5.26% |
1,026,779 |
1,483,210 |
| GEOI |
Nov 7 |
11.23 |
0.28 |
2.56% |
46,722 |
133,912 |
| BSIC.OB |
Nov 7 |
0.97 |
0.03 |
3.00% |
5,500 |
38,635.9 |
| WSEG.OB |
Nov 7 |
0.06 |
0.05 |
47.83% |
725,322 |
447,142 |
| CLR |
Nov 7 |
25.19 |
0.16 |
0.63% |
1,802,370 |
2,219,850 |
| BEXP |
Nov 7 |
6.04 |
0.26 |
4.50% |
499,226 |
962,539 |
| KDKN.OB |
Nov 7 |
0.60 |
0.02 |
3.45% |
58,040 |
95,348.4 |
| KOG |
Nov 7 |
0.60 |
0.09 |
13.04% |
2,361,940 |
1,043,750 |
| EOG |
Nov 7 |
79.88 |
2.71 |
3.51% |
3,500,837 |
4,830,430 |
Related posts
Oct
17
Posted by bakkenexpert
I have not written any articles in the past 3 weeks or so because there was simply nothing positive to write about and I was frankly sick of the gloom and doom. I believe now with oil imploding to $70 a barrel we are really at a point where the downside is another $10-15 at MOST and we HAVE to be forming a base of some sort. Our favorites plays WLL and CLR have been absolutely decimated and are at levels that most of us haven’t expected in our lifetimes. At this point I am content to sink a few thousand in a basket of our favorite plays (NOG, BEXP, EOG, CLR, WLL, SM) and let it ride for the next 12 months.
| Symbol |
Last Trade |
Change |
Volume |
Avg Vol (3m) |
| NOG |
1:04PM ET |
4.46 |
0.63 |
16.45% |
206,748 |
411,215 |
| WLL |
1:05PM ET |
41.46 |
4.62 |
12.54% |
931,404 |
1,304,240 |
| SM |
1:05PM ET |
24.02 |
1.72 |
7.71% |
316,990 |
1,348,350 |
| MDU |
1:04PM ET |
19.771 |
0.321 |
1.65% |
875,003 |
1,330,770 |
| GEOI |
1:03PM ET |
9.63 |
0.80 |
9.06% |
68,487 |
136,280 |
| BSIC.OB |
12:44PM ET |
0.80 |
0.13 |
13.98% |
8,091 |
38,635.9 |
| WSEG.OB |
12:16PM ET |
0.115 |
0.005 |
4.17% |
114,148 |
727,261 |
| CLR |
1:05PM ET |
26.20 |
3.28 |
14.31% |
1,045,576 |
2,225,300 |
| BEXP |
1:05PM ET |
7.00 |
0.57 |
8.86% |
426,435 |
1,128,710 |
| KDKN.OB |
11:30AM ET |
0.65 |
0.02 |
2.99% |
11,495 |
95,348.4 |
| KOG |
1:04PM ET |
1.15 |
0.20 |
21.05% |
1,502,596 |
1,016,370 |
| EOG |
1:05PM ET |
75.08 |
5.98 |
8.65% |
3,276,782 |
4,797,270 |
Related posts
Sep
23
Posted by bakkenexpert
Yesterday oil futures spiked more than 10% on the potential impact and devaluation of the dollar on a $700 billion bailout of the financial sector. Today there was some profit taking but oil still closed above $105 which allowed our bakken plays to keep most of their gains. As the market has endured turbulence, the bakken related companies have gone about their business continuing to build up production capacity and expanding in the bakken region. Notable highlights over the last 2 weeks:
- Northern Oil & Gas (NOG) announced 8 new Bakken discoveries with anywhere from 1%-12.5% working interest. These wells average 768 BOPD.
- Northern Oil & Gas (NOG) announced that with recent leasehold acquisitions, Northern’s acreage position in the North Dakota Bakken and Three Forks/Sanish plays has grown to approximately 65,000 net acres.
- MDU Resources (MDU) estimates that it holds approximately 950 Bcfe of probable and possible reserves, a 19 percent increase from its previous estimate released in July 2007. The increase is largely driven by the company’s exploration plays in the Bakken and Paradox Basin areas and the recent East Texas acquisition.
- Kodiak Oil & Gas (KOG) released info that it now owns an approximate 38,000 net acres under 54,000 gross leasehold acres on the Fort Berthold Indian Reservation (FBIR) in Dunn County, N.D. The Company has three approved drilling permits and recently completed construction of a drilling pad on one of these permits.
- UBS upgraded EOG Resources from hold to buy which helped send the stock up $15 this week.
We have not seen any hint of slowing of exploration for our bakken plays which is a positive sign. If oil can continue to stay over $100, the rest of the year could be quite promising as we head into earnings season.
Related posts
Sep
18
Posted by bakkenexpert
The downturn in financial markets had sparked renewed fears of a global slowdown amid the credit crunch. For the better part of the last 2 weeks, this took its toll on the price of oil which caused our bakken plays to drop 10-20% during the period. There has been such a mistrust of the financial system that now oilinvesting is being viewed as a flight to quality which may provide a short term base while the capital market issues attempt to resolve themselves. On a positive note, it does look like oil has major support around $90 and if we can get a prolonged hold of that level, then big dollar oil investors may enter the fray.
| bakken |
|
| Symbol |
Last Trade |
Change |
Volume |
Avg Vol (3m) |
| NOG |
11:23AM ET |
7.04 |
0.12 |
1.73% |
170,642 |
508,603 |
| WLL |
11:24AM ET |
70.59 |
0.49 |
0.70% |
404,045 |
1,190,530 |
| SM |
11:23AM ET |
34.86 |
0.06 |
0.17% |
531,390 |
1,456,460 |
| MDU |
11:24AM ET |
26.65 |
0.15 |
0.56% |
511,302 |
1,106,240 |
| GEOI |
11:23AM ET |
11.11 |
1.16 |
11.66% |
89,040 |
214,415 |
| BSIC.OB |
11:11AM ET |
1.30 |
0.10 |
7.14% |
18,795 |
43,792.3 |
| WSEG.OB |
11:20AM ET |
0.1250 |
0.0400 |
24.24% |
257,534 |
789,254 |
| CLR |
11:23AM ET |
36.39 |
1.90 |
5.51% |
1,304,581 |
2,017,570 |
| BEXP |
11:23AM ET |
12.74 |
0.65 |
5.38% |
478,931 |
1,304,140 |
| KDKN.OB |
11:23AM ET |
0.86 |
0.26 |
23.21% |
105,260 |
95,510.8 |
| KOG |
11:23AM ET |
1.3800 |
0.1800 |
15.00% |
1,128,631 |
1,350,410 |
| EOG |
11:24AM ET |
90.33 |
1.52 |
1.71% |
2,018,772 |
4,224,690 |
Related posts
