James Cramer -- Full Segment on the Bakken -- Friday, February 24

Typed as he talked; some of the numbers will be incorrect; I assume CNBC will have link later. [This is the link, but unfortunately not much there, and certainly not a transcriopt.]

Cramer's comments

CLR: 24 billion barrels
Bakken: big field ever discovered in the US
5x USGS 2008 survey;
Disparity: American technology
Today: 400,000 bopd
165 rigs operating
1 million bbls opd in a few years
Montana and North Dakota
The Bakken is a "rocket"
How to make "Mad Money" off it
What are the plays
The company that discovered oil in North Dakota in 1953 (sic): Amerada Hess

• 700,000 acres -- bought AEZ and TRZ LLC
• The Bakken not big enough to move their needle

EOG -- large cap like Hess

• Absolutely loved the EOG earnings report with regard to Bakken
• Hess, bigger, safer; EOG too much natural gas

The best ones

• CLR: 850,000 net acres in the Bakken; represents 47% of their bottom line
• WLL: 588,000 net acres in the Bakken
• BEXP: Cramer is getting calls "left and right" about BEXP; 375,000 acres in the Bakken; 270% yoy increase in production
• Oasis: 100% Bakken; 300,000 acres; no one cared about it last year

Bakken could more than double US domestic production

******

Now a second segment after the commercial break: indirect way to play the Bakken

NOG: Cramer doesn't know why it moved so much today (I do: it's been placed on S&P MidCap 400)

• Unique business model
• Some of the best acreage
• Acreage value keeps increasing

Halliburton -- doing fracking in the Bakken

• HAL can't meet demand
• Crews are tied up through 2012
• Working 24/7
• Barriers to entry huge
• The right sand
• Enormous experience

Nabors -- world's largest on-shore driller

• 33 rigs
• Pressure pumping trucks; exposure to fracking

Carbo-Ceramics (CCR) -- ceramic player

• World's largest supplier
• Best in show

The Bakken is a "rocket"

NDSU -- go Bison!

Later in show:  Repeats EOG.

COMMENT:
Jim Cramer failed to mention the pipelines. ENB. I would pick ENB or EEP over HAL.

Jim Cramer also failed to mention companies that make the rigs in the first place. FlexRigs. H&P.

UPDATE:

Tying up some loose ends regarding the recent Bakken segment on Jim Cramer's "Mad Money":

First, the ticker symbols for two companies mentioned in that post:

• Carbo Ceramics: CRR
• Helmerich and Payne: HP.

HP makes the FlexRig. This is quite an incredible story, August, 2007:

• A decade ago, Helmerich & Payne Inc. took a chance on a ground-up rig design based on a simple premise -- that an efficient and safe drilling rig would create value for its customers.
• H&P began designing what the company calls a FlexRig, a computerized drilling unit that allows the operator to punch a hole in the ground and move quickly between drilling locations.
• "We were highly criticized," Juan Pablo Tardio, a company spokesman, said of the early FlexRigs. "But no one had seen the efficiency we were able to achieve."
• The Tulsa-based contract drilling company built the first 50 FlexRigs on speculation and a belief that the industry needed a rig that could reach shallow targets between depths of 8,000 and 18,000 feet.