The new numbers were even better than I had hoped. 68 cents per share for the quarter on around 38,000 bbls of oil. Oil production was up huge. Most of the new wells in the Banks Bakken field have been outstanding, with IP on the Enderud an astounding 4,000 bbls/day (unfortunately the decline rate is fairly quick and ESTE only holds 5%). But the upside is that more wells can be drilled on this acreage, including a drill down to the Three Forks Formation.
As a result of the announcement - ESTE stock was up 20% to over $21/share. I am looking for a break out to new highs above $25. I have traded some positions in and out recently.
Disclosure: Long ESTE
As a result of the announcement - ESTE stock was up 20% to over $21/share. I am looking for a break out to new highs above $25. I have traded some positions in and out recently.
Disclosure: Long ESTE
RSS Feed