Home 2021 Sitting on a Cash Pile 10.0? US Oil & Gas Production in Vogue

Sitting on a Cash Pile 10.0? US Oil & Gas Production in Vogue

by Paul Ebeling

#cash #buy #Bullish

$NOG

Northern Oil and Gas Inc. (NASDAG:NOG) broke out on 2 December 2020 at 6.88 and confirmed on 31 December at 8.76/share. There is Key resistance at 8.81 and light to 10 and none above that number.

Our long term outlook is Very Bullish with a 23.40 target. The Street’s consensus target is at 13.25.

All Key technical indicators are Bullish to Very Bullish in here, thus garnering a Buy signal

Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of Crude Oil and Nat Gas properties in the United States.

The company primarily holds interests in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana.

Notably, the Bakken shale and underlying Three Forks formation are part of the larger Williston Basin, which encompasses Saskatchewan, Manitoba, North Dakota, Montana, and South Dakota. Bakken producing zones are mainly present in Western North Dakota, Southern Saskatchewan, and Eastern Montana.

The Bakken shale is one of the largest, possibly the largest, continuous oil accumulations in the world.  It is an over pressured system which is in part responsible for high IP rates. The high pressure in the formation suggests that the oil is contained within the petroleum system. This means that the oil remains in place and is tightly contained throughout the geologic structure.

Ten years ago both reserves and productive capability were highly uncertain. But today Bakken shale oil is not only accessible but also profitable given advances in technological know-how and sustained high oil prices,” according to petroleum industry expert Bruce WD Barren.

As of 31 December 2019, it owned working interests in 6,156 gross producing wells, and had proved reserves of 163.3-M bbl of Crude Oil equivalent.

The company is HQ’d in Minnetonka, Minnesota.

Have a healthy week, Keep the Faith!

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.