Investing: BEXP

Yahoo!Finance: BEXP.
Corporate presentation; most recent can always be found here at top of left sidebar.


4Q10, earnings press release, Feb 24, 2010; earnings quadruple; annual report
3Q10, earnings press release, Nov 1, 2010
2Q, 2010, earnings transcript. August 5, 2010 -- announces super-fracks (38-stage fracks).
2Q 2010, results. August 5, 2010.
First quarter report, 2010.
Annual report, 2009. 

BEXP presentation at the BOA-ML Credit Conference, December 3, 2009.

Slide #23 of the October/November, 2009, corporate presentation is a beautiful photograph of the Olson and the Brad Olson "sister" wells just west of Williston. These are photographs even a tree-hugger might enjoy. [No trees in North Dakota. No polar bears, either.] Posted November 30, 2009.

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I have mixed thoughts on BEXP. Back in 2007 when the Bakken in North Dakota was first hitting the news, BEXP was one of the best.

Back in the summer of 2009 I wrote: I have some anxiety regarding BEXP. I have heard a range of stories regarding BEXP, everything from "the next best thing" to "it's in financial trouble." [Update: see earnings release, below. Rumors that they were "in financial trouble" probably wasn't too far off. This was also during a time when credit was tough -- banks were not loaning money -- and that's why they partnered with USEG.]

BEXP partnered with USEG and has had at least two secondary share offerings to raise more cash. Their press releases said the recent share offerings was done to expedite / accelerate their drilling program. That may be true. It is also true, they may have had to do that to save their incredibly good leases.

It's my impression that EOG, CLR, BEXP, and WLL have the best acreage in the North Dakota Bakken.

Fast forward to autumn, 2010: BEXP is looking pretty good, especially for those willing to take the risk and buy in early. 

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May 23, 2011: The "darling" of the Bakken.

February 15, 2011: Wildcatting? A shout-out to BEXP.

January 28, 2011: Another secondary offering?

January 13, 2011: Significant net asset value enhancement event for BEXP?

January 10, 2011: Investopedia on BEXP.

January 5, 2011: Current corporate presentation and comments. Importance of not double counting.

January 4, 2011: Investopedia on BEXP.

October 26, 2010: Seeking Alpha recommendation -- BEXP.

September 27, 2010: BEXP announces update on tender offer and $300 million senior note offering.

September 7, 2010: Nice analysis of BEXP by Motley Fools -- "Is BEXP a Short Candidate?"

July 12, 2010: Talk of deals in the Bakken.

April 9, 2010: Yet another stock offering, and it is over-subscribed. Original SEC filing to sell 13 million shares; that was increased to 14 million shares. Over-subscribed, and ended up selling 16 million shares.

February 12, 2010: Could BEXP be a takeover target?

February 3, 2010: Can BEXP go higher?

December 11, 2009: Update on the US Energy (USEG) share offering. Did share offering not go well? It is being reported that USEG now offering shares at slight discount.

December 1, 2009: BEXP's partner in the Williston area, US Energy (USEG) raised more cash through a new share offering.

November 6, 2009: 3rd quarter earnings, press release. Our reported net income for the third quarter 2009 was $0.5 million ($0.01 per diluted share), versus $15.3 million ($0.33 per diluted share) for the same period last year. (Comment: it's hard to earn less than a penny a share, but at least it's not a loss. It's amazing how one can go from 33 cents/share to a penny a share in earnings.)

October 25, 2009: BEXP's September 22, 2009, Analyst/Investor Presentation

On September 22, 2009, provided a special presentation for analysts and investors in Williston, and a field trip to the Olson well and the Brad Olson well west of Williston.