BPZ Resources (BPZ) has been dropped from our Watch LIst.
It has been replaced by Cross Border Resources (XBOR).
> Sweet 16 member Cimarex (XEC) is in a joint venture with Cross Border in S.E. New Mexico. XEC has nine rigs drilling in the area and well results have been impressive. XEC, the operator of the JV, will be drilling 2 to 3 wells on the JV with XBOR this year.
> At this point, XBOR is a High Risk Speculative stock but it does have a lot of upside if the XEC wells on their acreage are close to the others they are drilling to the Bone Spring formation.
Newfield Exploration (NFX) was dropped back to the Watch List to make room for TransGlobe Energy (TGA) that was recently promoted to the Sweet 16. There is nothing wrong with NFX.
We sent out a detailed company profile on Energy XXI (EXXI) this morning to all Premium Members. It is also available under the Watch List tab.
I will be updating my forecast models for Kodiak Oil & Gas (KOG) and Northern Oil & Gas (NOG) this weekend. They should be posted under the Watch List tab by Monday.
Watch List Update
Watch List Update
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Watch List Update
SAN ANTONIO, June 7, 2011 /PRNewswire/ -- Cross Border Resources, Inc. (OTCBB:XBOR.ob - News), ("Cross Border" or "the Company"), today provided an operations update on the Concho Resources Leo 3 Fed Com #1H well targeting the basal Abo/Wolfcamp in Chaves County, New Mexico.
The horizontal well has reached a total measured total depth of 12,998 feet with mud logs indicating good oil and gas shows. Cross Border holds a 6.25% working interest, and approximately 4.69% net royalty interest in the well.
"Approximate estimated ultimate recovery for Abo wells is 200-250 MBOE," said E. Will Gray II, Chairman and CEO of Cross Border. "We hold identical interests in three potential offsets to this well. All four wells were listed as possible reserves in our last reserve report.
"Separately, Cimarex has two direct offset wells to our acreage, now on production, that currently average 369 bopd/242 mcfd and 230 bopd/163 mcfd, respectively," Gray continued. "We are pleased with the continuing progress we are making in the Abo and our other New Mexico plays."
The horizontal well has reached a total measured total depth of 12,998 feet with mud logs indicating good oil and gas shows. Cross Border holds a 6.25% working interest, and approximately 4.69% net royalty interest in the well.
"Approximate estimated ultimate recovery for Abo wells is 200-250 MBOE," said E. Will Gray II, Chairman and CEO of Cross Border. "We hold identical interests in three potential offsets to this well. All four wells were listed as possible reserves in our last reserve report.
"Separately, Cimarex has two direct offset wells to our acreage, now on production, that currently average 369 bopd/242 mcfd and 230 bopd/163 mcfd, respectively," Gray continued. "We are pleased with the continuing progress we are making in the Abo and our other New Mexico plays."
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group