Based out of Enid, OK, this stock has been showing outstanding relative strength in its peer group.
CLR owns significant acreage in the Bakken shale play of ND and MT, which represents about 28% of their present value of proved reserves.
[[CLR]] came public May 1 of last year, offering 29,500,000 shares at $15. Insiders and 5% owners hold over 82% of the stock. The company has been in existence since 1967.As of 2007 year end, the company had estimated proved reserves of 134.6 MMBOE and estimated proved developed reserves of 101.2 MMBOE. The total proved reserves of oil were 104.1 MMBOE and total proved reserves of natty were 182.8 Bcf. At current market prices ($123/bbl and $12/MCF gas) that works out to $12.8 B oil and $2.2 B gas. This doesn’t include the estimated proved reserves figure. The company has a market cap of $11 B.
CLR holds interests in over 1,300 wells, 87% of which are oil wells. Total net undeveloped acres was still over 730,000 acres. They operate mainly in the Rocky Mountain, Mid Continent and Gulf Coast regions.
I bought this stock last month at $51.90 for my Alpha portfolio of stocks. With it’s continuing development, I think it’s headed to over $80 before the year is out.
Disclaimer: This information is not intended to be used as the primary basis of investment decisions. Because of individual investors requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. Consult your financial advisor prior to taking any actions. The information and opinions contained here are those of the author and are not necessarily the same as those of iBankCoin, its principals or its affiliates. The author has a position in the stock. Trade at your own risk.
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