Continental Resources (CLR-$69.40) reported that its second Bakken shale well in a promising area of North Dakota flowed at an average rate of 1,095 barrels of crude oil equivalent per day (boepd), or about 58 percent higher than the first hole did in its initial week of production in May. Continental, which is the largest leaseholder in this emerging shale play with about 487,000 acres, has been reticent about whether or not it has the water rights needed to develop its potential reserves.
Bermuda-based Frontline (FRO-$62.23), the leading oil tanker in vessels capable of carrying between 120,000 and 320,000 in deadweight tons, wants to talk with the management of Overseas Shipholding Group (OSG-$80.58) about a possible deal. As control of supply slips further from the grasp of OPEC-member nations, could a Gulf oil-producing nation look to acquire an oil tanker company?
Editor David J. Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.