Sweet 16 Changes

[dan_s]

I "officially" promoted EOG Resources (EOG) and Whiting Petroleum (WLL) to the Sweet 16 Growth Portfolio before the markets opened on 2-21-2012.

Helmerich & Payne (HP) and Patterson-UTI (PTEN) have been moved to the new Drillers Watch List, making it easier to compare them to the peer group.

HP and PTEN are still trading below my Fair Value estimates. Despite the pullback in drilling for dry gas this year, these two are going to have very good results. HP Flex Rigs and PTEN Apex Rigs are in very high demand.

I will have an updated Sweet 16 spreadsheet posted to the website after the markets close today.

I'd still like to get Kodiak Oil & Gas (KOG) back into the Sweet 16 since I think it is a prime takeover target but I can't decide which company to drop. I will wait until mid-March when I've had a chance to see all 4th quarter results and year-end reserve reports.

EOG and WLL give us a lot more exposure to the Bakken and Eagle Ford Shale. These two oily shale plays are going to get a tremendous amount of press this year. You should all read our new company profile on EOG. You can find our profiles on EOG and WLL under the Watch List tab.