Link here.
All I can say is investors have yet another great entry point into the Bakken. I can't keep track of everything, but one data point that cries "buy me" is whenever KOG drops to $6.00/share. As recently as May 11, 2011, Motley Fool had a short positive blurb on KOG. Motley Fool was, however, way off base connecting the administration's policies with the Bakken (see comments at the link).
I've mentioned the bear raid before...performance doesn't matter right now...just keep selling and drive the price into the mid-teenss. I'm still on the sideline, waiting for the Short interest to decline, looking for a 15-17 re-entry point.
ReplyDeleteShort Interests is a whopping 20 million shares.
Northern Oil and Gas, Inc. (NOG) Short Interest
NOG
Northern Oil and Gas, Inc.Amex
Settlement Date Short Interest
4/29/2011 20,978,825
4/15/2011 15,423,288
3/31/2011 11,571,955
3/15/2011 6,679,526
2/28/2011 5,060,195
2/15/2011 4,664,973
1/31/2011 4,364,296
1/14/2011 4,087,201
Read more: http://www.nasdaq.com/aspxcontent/shortinterests.aspx?symbol=NOG&selected=NOG#ixzz1Me7RPdo4
You are absolutely correct.
ReplyDeleteI am absolutely convinced that investors (not traders) are being offered another opportunity to enter the Bakken.
(I say investors, because I am not agile enough to be a trader.)
A year from now, the current prices will look like huge bargains. I bought 130 shares of one Bakken company today for that very reason.
With 20 million shares short, once NOG starts to rise in price, it could jump very, very quickly ("short squeeze").