Motley Fool on KOG -- Bakken, North Dakota, USA

Link here. From the article:

Revenue growth in 2010 was up an impressive 175% over the previous year -- from $11.3 billion to $31.0 billion. The compounded annual revenue growth rate over the past five years is perhaps even more impressive, standing at 143%. However, in spite of its aggressive growth cycle, the company has not really managed to convert its revenues into net profit in these five years. While this is a matter of concern, I don't believe this trend will continue.

Looking into the future, because of substantial revisions in its reserves, Kodiak is bound to leave its dismal performance behind. In fact, Kodiak has actually managed to turn around its cash flow in 2010, recording a 20.1% margin in its EBITDA. Consensus estimates show that the company's EBITDA margin will grow even further, to over 70%, by the end of 2011. With no signs of abatement in global oil prices, I believe this level will be maintained for a couple of years more. And that, Fools, is what will begin to reward shareholders.

My hunch is that, in general, what is true for KOG, is true for many of the other Bakken operators. They have not been reporting net profit the past couple of years because they've been "planting their seed corn." 

Note also that the Motley Fool sees "no abatement in global oil prices."