For Investors Only -- July 15, 2014

Disclaimer: this is not an investment site. Do not make any investment decisions based on anything you read here or what you think you may have read here. I'm posting this for reasons other than investment advice. 

The price of oil has fallen fairly quickly the last few days and has now broken below $100 (WTI crude).

Shares in Bakken operators have similarly fallen back, and some quite significantly.

Following the WLL-KOG announcement, Bret Jensen over at Seeking Alpha suggested Oasis and Emerald could be takeover targets.

From the blog, a quick look at Emerald:

Emerald Oil (VOG acquires Emerald Oil, announced July 11, 2012) (chronological; most recent data at top)

• January, 2014: acquires 20,800 net acres in Williams, McKenzie; $3,650/acre; around 70,000 net acres total in the Bakken
• August, 2013: sees 2,850 boepd exit rate in December, 2013;
• June, 2013: a two-rig program
• EOX will sell Colorado acreage; focus on its 48,800 net acres in the Bakken, January 8, 2013
• EOX: effective September 4, 2012; acquired 4,500 net acres; $3,200/acre; McKenzie County; ~ 48,000 net acres in the Bakken?
• VOG to acquire Emerald Oil; will operate as Emerald Oil. July 11, 2012.
• For date regarding VOG/Emerald as of this date (July 11, 2012), scroll down to VOG.  
• On date of announcement, July 11, 2012: Williston  Bakken - 43,500 net acres; Niobrara - 45,000 net acres; Central Montana Heath -- 33,500 net acres
• First operated well to be in Dunn County, North Dakota
• Single-rig drilling program

Small, small operator.

Enterprise value about $470 million.

$470 million / 70,000 acres = $6,700/acre in some pretty nice areas in the Bakken.