Kodiak Oil & Gas (KOG)

Down with the price of natural gas plus they had a well that wasn't as good as expected. The break from $3 to $2 was caused by negative comments by Questar on their quarterly conference call. Still likes their prospects assuming gas prices improve in the Rockies.

Early-stage oil/gas exploration. He has a very small position in this. Have 2 really, really exciting plays. One is a deep gas play in the Rockies, which at some point it's going to be worth a lot. The other is in the Dakotas with Bakken shale and has assembled a great acreage position. This could be a whole new leg of growth for the company. Speculative.

(A Past Top Jan 245/07. Down 22 %.) Exposed to the gas market. 2nd largest landholders in the Vermillion basin. Probably needs another $1 on the gas price before the Rocky Mountain gas price becomes interesting to this company.

2nd largest landholder in the Vermilion basin. Somewhat interesting at this price. Would be an excellent buy at $3. It's a tough one simply because of its exposure to gas.

Natural Gas. 2nd largest landholder in the Vermilion Basin, a deep over-pressured basin. Initial test results from their 1st well indicates big wells and a lot of them.

2 small cap natural gas companies recommended are Grand Petroleum (GPP-X) and Kodiak Oil & Gas (KOG-X). 2nd largest landholder in the Vermilion Basin in Wyoming. This one is a much higher risk.