Saturday, December 26, 2009

Bakken Shale - Brigham Exploration BEXP - Top Oil Well

Brigham Exploration Co. (BEXP) gets my vote for Top company in the Bakken Shale in 2009. BEXP was basically left for dead during February & March of 2009 as institutions and mutual funds dumped the stock. Shares of Brigham Exploration Co. (BEXP) hit a low of $1.04.

The stock then rebounded with the overall stock market back into the $3's in May. Raymond James upgraded the stock and BEXP surged to $5 by August.

BEXP now trades just shy of $15 and is most likely headed to $25 in 2010.

Recently, Brigham Exploration Co. (BEXP) announced one of the best wells in the Bakken Shale of all time.

Brigham Exploration Announces Williston 25-36 #1H Bakken Well Produces at Initial Rate of Approximately 3,394 BOEPD

December 14, 2009 -- Brigham Exploration Company (NASDAQ: BEXP) announced that its operated Williston 25-36 #1H produced approximately 3,394 barrels of oil equivalent per day (2,769 Bopd and 3.75 MMcf/d) from the Bakken formation during an early 24 hour flow back period. The Williston was completed with 32 frac stages and represents Brigham's highest reported 24 hour flow back rate in the Williston Basin. Thus far, Brigham's nine long lateral high frac stage Bakken and Three Forks wells have averaged an early peak production rate of approximately 2,066 barrels of oil equivalent per day. Full Press Release Here

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Haynesville Shale Drilling to Increase in 2010

Natural Gas prices have been slowly creeping up in December 2009. The higher prices have been associated with the colder weather that has been hitting the northeast. Natural Gas inventories have been very weak as a result of this.

Comstock Resources Inc. (CRK) announced two weeks ago that they will be increasing their drilling budget in the Haynesville Shale for 2010. With Natural Gas currently around $5.75, I am expecting $7-$8 natural gas in 2010. Comstock has acreage in Desoto Parish Louisiana and East Texas.

Comstock Resources, Inc. Announces 2010 Exploration and Development Budget

Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced that it plans to spend approximately $385.0 million in 2010 for development and exploration activities. Comstock expects to add an additional drilling rig in the second quarter of 2010 to the six rigs which the Company is currently utilizing in its Haynesville shale drilling program.

Full Article Here

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Friday, December 25, 2009

Marcellus Shale - Bradford, Tioga, Lycoming, Potter, Clinton PA

The Marcellus Shale is growing fast as we enter 2010. Natural Gas driller Ultra Petroleum Corp. (UPL) announced earlier this week that the company will be expanding in Northern Pennsylvania soon.

Ultra Petroleum Corp. (NYSE: UPL) today announced that it has signed a purchase and sale agreement to acquire approximately 80,000 (net) acres in the Pennsylvania Marcellus Shale, from a private company. Following the acquisition, Ultra Petroleum will hold approximately 250,000 net acres in this region, with the potential for 1,800 net drilling locations. Ultra Petroleum expects to pay roughly $400.0 million for the assets which will be financed using debt.

The company started 2009 with 288,000 gross (152,000 net) acres in the Marcellus. Through a combination of land acquisitions and swaps, including today’s announcement, Ultra Petroleum has added over 192,000 gross acres, nearly doubling its position to approximately 480,000 gross (250,000 net) acres. The company’s expanding core position is concentrated around Tioga, Bradford, Lycoming, Potter, Clinton and Centre counties in north central Pennsylvania.

Link -

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Monday, December 14, 2009

Exxon Mobil XOM to buy XTO Energy Inc.

Today, Exxon Mobile Corporation (XOM) has come out announced an agreement to acquire XTO Energy Inc (XTO) in an all stock deal for $41 billion.

From the Exxon Mobil Press Release:

Exxon Mobil Corporation (NYSE: XOM) and XTO Energy Inc. announced today an all-stock transaction valued at $41 billion. The agreement, which is subject to XTO stockholder approval and regulatory clearance, will enhance ExxonMobil’s position in the development of unconventional natural gas and oil resources.

Under the terms of the agreement, approved by the boards of directors of both companies, ExxonMobil has agreed to issue 0.7098 common shares for each common share of XTO. This represents a 25 percent premium to XTO stockholders. The transaction value includes $10 billion of existing XTO debt and is based on the closing share prices of ExxonMobil and XTO on December 11, 2009. Full Article

XTO Energy Inc Operates in the following shale plays in the USA

Haynesville shale

Marcellus shale

Bakken shale

Fayetteville shale

Woodford shale

Who's the next takeout candidate?

Chesapeake Energy Corporation (CHK)
Devon Energy Corporation (DVN)
EOG Resources, Inc. (EOG)
Continental Resources Inc. (CLR)
Brigham Exploration Co. (BEXP)
Southwestern Energy Co. (SWN)
Forest Oil Corp. (FST)
Petrohawk Energy Corporation (HK)

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Friday, December 11, 2009

New Brunswick Shale - Apache Corp APA - Frederick Brooke Shale

Corridor Resources Inc (TSX:CDH) recently announced that they will enter into a farmout agreement with Apache Canada Ltd ( parent company Apache Corp. ). to tap test the Frederick Brooke Shale in southern New Brunswick, Canada.

December 7, 2009

Corridor Resources Inc. ("Corridor") announced today that it has entered into a farmout and option agreement ("Agreement") with Apache Canada Ltd. ("Apache") to appraise and potentially develop oil and natural gas resources in southern New Brunswick. Under the terms of the Agreement, Apache has committed to conduct an appraisal program consisting of any combination of seismic, drilling, fracturing, testing and completing or abandoning one or more horizontal or vertical oil, gas and/or shale gas wells. The program is to be conducted over the next 18 months at a cost of not less than $25 million and is intended to evaluate the commercial potential of natural gas development in the Frederick Brook shale formation and light oil development at the recent Caledonia oil discovery. Upon completion of this program, Apache will have earned a 50% working interest in the spacing units drilled.

Other Natural Gas Shale Fields in Canada: Horn River Shale - Montney Shale - Utica Shale

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