Sweet 16 Update - May 3

[dan_s]

I have updated the Sweet 16 spreadsheet and posted it to the website.

Four of the Sweet 16 (KOG, RRC, SM, WLL) have reported first quarter results. KOG was a mild disappointment, but their Q1 miss is understandable due to the terrible winter weather in the quarter. They lowered production guidance, but still on-track to increase production by 35% this year. That is very good.

WLL is the most impressive. The fantastic results they are getting in the Bakken from new completions methods is great news for all of our Bakken companies. I have raised my Fair Value Estimate to $121/share.

More on the Sweet 16 in the next edition of The View From Houston, which will be sent out via e-mail on Monday.

Have a great weekend!