Jul
21
21
Back on track
Posted by bakkenUpdate: More pressure this morning due to dissipation of tropical disturbance Dolly in the Gulf causing oil to ease once again. I am looking for oil to form a base in the $120-$125 range which will hopefully cause this sporadic selling to cease
| After an absolutely horrid week last week, our Bakken plays finally had a strong positive showing today with numerous stocks up 5% or more on the day. WLL, KOG and CLR looked particularly strong although the volume was a little lighter than I would have liked. Buoying the sector was a slight rebound in oil prices as well as some positive news from Northern Oil & Gas (NOG). NOG announced it was involved in the successful completion of three wells in the Three Forks/Sanish area of Bakken which brought it to a total of 11 producing wells in the area. Also, NOG has fourteen wells that are in the drilling or completion stages and is included in nearly 70 permitted or docketed-for-permit drilling locations that are expected to drill between now and early 2009. If Northern Oil & Gas can maintain even a conservative general success rate for these 70 wells, we can expect very good things in terms of pps for 2008. |
|
| Symbol | Last Trade | Change | Volume | Avg Vol (3m) | ||
|---|---|---|---|---|---|---|
| WLL | 4:01PM ET | 96.12 |  8.02 |
9.10% |
1,591,956 | 1,091,650 |
| MDU | 4:01PM ET | 32.31 | 0.44 |
1.38% |
685,511 | 1,044,810 |
| SM | 4:02PM ET | 48.92 | 1.65 |
3.49% |
1,299,516 | 1,325,890 |
| CLR | 4:04PM ET | 72.90 | 3.50 |
5.04% |
1,174,091 | 1,697,610 |
| EOG | 4:02PM ET | 109.03 | 2.64 |
2.48% |
3,333,166 | 3,395,010 |
| NOG | 4:01PM ET | 11.87 | 0.76 |
6.84% |
846,686 | 578,919 |
| KOG | 4:00PM ET | 3.85 | 0.46 |
13.57% |
875,948 | 1,484,960 |
| KDKN.OB | 3:58PM ET | 2.15 | 0.11 |
5.39% |
372,199 | 243,183 |
| BSIC.OB | 3:20PM ET | 1.87 | 0.07 |
3.89% |
22,980 | 94,520.3 |
| XTO | 4:05PM ET | 57.98 | 1.77 |
3.15% |
9,192,680 | 7,794,160 |
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