U.S. Energy Corp.'s partner Brigham Exploration reports:
AUSTIN, TX--(Marketwire - 10/16/09) - Brigham Exploration Company (NASDAQ:BEXP - News) announced that its operated Brad Olson 9-16 #1H produced approximately 2,112 barrels of oil equivalent per day from the Bakken formation during an early 24 hour flow back period.
[...]
Brigham maintains an approximate 33% working interest and 26% net revenue interest in the Brad Olson 9-16 #1H. Also participating in a non-operated role in the Brad Olson 9-16 #1H is U.S. Energy Corp. (NASDAQ:USEG) with an approximate 61% working interest and 48% net revenue interest. Brigham will back in after combined payout of the six initial wells drilled under the participation agreement with U.S. Energy for 35% of their interest in the Brad Olson 9-16 #1H well.
I was waiting for a pullback to add more USEG. If Brigham keeps drilling holes in Bakken and finding oil, that may prove difficult.
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11 comments:
It's a rough wait for me also. I've been waiting for a pullback on many stocks but the good news keeps coming in. My animal instincts tell me to get in on the feast. BOBS is at 5.90 now and I want to buy more now, but I have my rules. It may be wise to keep Warren Buffet's 20 hole punchcard analogy in mind and save for when there is blood on the streets again. And/Or you can simply switch to finding and building short positions in an overvalued market like what we have now. When the next crash comes you will be thankful.
I am raising my limit orders as new support lines emerge on the stocks I really like. Still frustrating though. The key is probably to become better at differentiating the really sound investments from the just ok ones, and swinging harder for the good ones so you are not chasing them up when things work out.
Ah, the cat's out of the freaking bag with this one. I should have added more when the only place I read about this company was here. I may have to bite the bullet at add more above $4 (not right here, after a pullback). Or I can wait for the big market correction. The problem is that this company is now on investors' radar screens just about the Bakken deal; most of them probably don't even know about the other stuff it has in the pipeline.
Hey, since you are unable to get e-mails at work, I'll mention a couple of things to you here:
- The site's basically done. I'm just waiting to get the disclaimers approved which ran into a snag when my attorney said I'd be better off with an attorney with a securities background, who could knock it out in an hour or two. I'm trying to find one now.
- I've been thinking some more about that domain name we discussed. Maybe there's a way I could sell it to you and refund your purchase price if you generate X referrals as an affiliate. We should correspond about that later.
BTW, just got a call from Reggie Larsen, USEG's director of investor relations. He mentioned that they just got back from a trip to Toronto and New York meeting with institutional investors and also investment banks about possibly raising capital to further exploit the Bakken deal.
Whoah whoah whoah...watch that Reg D, Dave!!! Just kidding. That is why companies have IR, after all.
Your blog ranks pretty high in a lot of Google searches, judging from your feedjit data. Anyone googling USEG will probably end up here. This was probably the company you wrote about that I came closest to buying but didn't, because I don't really like natural resource companies. Everything I did buy in late 08 and 09 (RDY, is up big now also, so I can't really complain. I should have just waited until the crash to buy anything at all, a lesson I will try to keep in mind for the next time.
I need to get a blackberry/iphone/whatever to stay up on emails while I'm at my desk. To think I used to make fun of my dad for not being up with the times (no cable, dial up internet until last year, cassette player etc). I see the same thing happening to myself as I fail to keep up with the latest must-have gadgets. But I digress....
Glad to hear your site's almost done. It is an ambitious project, and should be at least a valuable learning experience, if not massively profitable. Looks like I'll have to get my affiliate site for it online this weekend; I've been concentrating on putting together that other spur-of-the-moment site I solicited your advice on. (Do you have a reccomendation for a merchant account provider BTW?)
Feel free to go ahead and send me an email about what you had in mind for that domain name...I'll be in my email for a long while this evening catching up with a lot of correspondence I've been too busy to attend to.
*Ignore that isolated stock symbol, I was going to list everything but decided not to and that didn't get deleted with the rest.
I knew this would go up when the first positive well results came in, but I didn't think it would jump this high this fast.
This stock has now doubled from where it was when the Value Investor Club rejected my write-up of it.
When did you submit it to VIC?
Last summer, about the time I first posted on it here.
Almost up 60% today. Congrats. I'm going to listen to your next stock pick very closely. What a great run you've had lately, even considering the overall rising tide.
Up 65% today, but thanks J.K. And my shorts are down too (albeit, only slightly).
Who knows what will happen next, but the one cool thing about reading this blog is that you know if one of these goes against me, I won't suddenly decide to focus on "method" and stop talking about my stocks.
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