Sweet 16 Growth Portfolio:  EOG Resources (EOG) - Our updated Net Income and Cash Flow Forecast model is now posted under the Sweet 16 Tab.  Our Fair Value estimate for the share price can be found at the bottom of the forecast.

EOG has updated guidance for their year-over-year increase in liquids production from 30% to 33%.  The company is now on-track to generate over $5 Billion in cash flow from operations this year.

Sweet 16 Growth Portfolio:  We have updated our Net Income and Cash Flow Forecast models for both Continental Resources (CLR) and Denbury Resources (DNR).  Both companies reported higher production than we were expecting in the first quarter.

EPG Members can find all of our up-to-date forecast models for companies in our Growth Portfolio under the Sweet 16 Tab.

Sweet 16 Growth Portfolio:  A spreadsheet showing our Fair Value for each stock and First Call's price target for each stock is now available under the Sweet 16 Tab.

Our updated Watch Lists can be found under the MLP Tab and Watch List Tab.

PetroBakken Energy Ltd. (PBN.TO):  An updated company profile and forecast model has been posted under the Watch List Tab.  This former Sweet 16 Growth Portfolio member is off to a great start in 2012.  It pays monthly dividends and the current annual yield is approximately 6.3%.

PetroBakken is heavily weighted to oil and it has significant low-risk development potential in both the Bakken and Cardium in Canada.

Whiting Petroleum (WLL):  The company made a presentation at IPAA in New York today.  We have updated our profile on the company and posted it to under the Sweet 16 Tab.  You can also find our updated forecast model and adjusted Fair Value estimate.

Denbury Resources (DNR):  Our Net Income & Cash Flow Forecast model has been updated to reflect the company's operations update.   DNR announced an 8% quarter-over-quarter increase in production.  93% of their production is oil.

DNR is a member of our Sweet 16 Growth Portfolio.  EPG members can access our forecasts for the S-16 by logging on and clicking on the individual company logos under the Sweet 16 Tab.

Range Resources (RRC):  The company announced a 20% year-over-year increase in their production.  Their guidance is now for full year production growth of 30% to 35%.

An updated Net Income and Cash Flow Forecast has been posted under the Sweet 16 Tab.  EPG Members can log on, click on the Sweet 16 Tab, and click on the RRC logo to see our updated profile on the company and the new forecast model.

Mitcham Industries (MIND):  EPG members can find our new company profile on MIND under the Sweet 16 Tab.

Pritchard Capital raised its price target for MIND to $32 from $28, citing the company's better than expected Q4 results and strong outlook.

We track 20 energy sector Master Limited Partnerships on our MLP Watch List.  The average annual yield for this group is currently 6.4%. 

Our MLP Watch List is updated each weekend after the markets close and EPG members can find it under the Watch List Tab.

Mitcham Industries (MIND), a member of our Sweet 16 Growth Portfolio, reported record 4th quarter results that significantly exceeded our forecast.  An updated Net Income and Cash Flow Forecast is now available under the Sweet 16 Tab. 

We have also updated our Fair Value estimate, which can be found at the bottom of the forecast spreadsheet.

We have updated all of our Watch Lists (E&P, Drillers and MLPs) as of 3-31-2012.   EPG Members can log on and find them under the Watch List Tab and the MLP Tab.

Energy Sector MLPs offer high tax deferred yield.  Most of their revenues are locked in by hedging and long-term contracts, so they are an excellent combinations of high yield and low risk.

Gran Tierra Energy Inc. (GTE):  An updated Net Income and Cash Flow Forecast has been posted under the Sweet 16 Tab.  Members can log in and click on the GTE logo to see it. 

Yesterday, GTE announced a significant discovery well in Argentina that will be on production in April.  Our Fair Value estimate for GTE has been increased.

Gran Tierra Energy (GTE), one of our Sweet 16 Growth Portfolio companies, has completed drilling and testing the Proa-2 appraisal well, the second well in the Proa oil field in Argentina.  The successful well encountered approximately 31 meters of net pay in two Palmar Largo intervals.  Production tests were performed on the two intervals independently, resulting in combined natural flow rates of 6,300 barrels of oil per day ("BOPD") gross of 46° API oil with no water cut.  The well is expected to be on production in April, 2012, initially at approximately 2,000 BOPD gross to further analyze reservoir performance while additional transportation capacity is evaluated.

New Company Profiles are now available (EPG Members Only):

Under the Sweet 16 Tab:  GeoResources (GEOI) and Gastar Exploration (GST)

Under the Watch List Tab:   Approach Resources (AREX) and Plains E&P (PXP)

BMO Capital has increased its target price on Carrizo Oil & Gas (CRZO) to $40/share after the company sold some of its Barnett shale assets. The firm maintains an Outperform rating on Carrizo.

Watch Lists:  Each weekend we update all three of our Watch Lists.  The Drillers and E&P Watch Lists can be found under the Watch List Tab.  The MLP Watch List is under the MLP Tab. 

The 14 Midstream MLPs on our Watch List offer a nice combination of low risk and high tax deferred yield.  Midstream business (gathering, processing and transportation) is very strong right now.  We also have three company profiles on MLPs under the MLP Tab.

Sweet 16 Growth Portfolio:  A spreadsheet that summarizes our Net Income and Cash Flow forecasts for each company has been posted under the Sweet 16 Tab.

There is also a spreadsheet showing our Fair Value for each stock compared to the current First Call target price.  Our Fair Values have been updated for each company that has reported 4th quarter results.

Whiting Petroleum (WLL):  An updated Net Income and Cash Flow Forecast model is now available under the Sweet 16 Tab.  Click on the WLL logo.

Our adjusted Fair Value estimate for the stock is shown at the bottom of the model.

Watch Lists:  All of our Watch Lists are updated each week.  The E&P Watch List (which tracks 27 companies) and the Drillers Watch List (which tracks 7 onshore drillers and 8 offshore drillers) can be found under the Watch List Tab.

The MLP Watch List is under the Watch List Tab.  We are working on individual company profiles for all of the companies on the watch list.

Denbury Resources (DNR):  The company reported 4th quarter results and increased proven reserves that beat our forecast.  An updated Net Income and Cash Flow Forecast is now available under the Sweet 16 Tab.  Click on the DNR logo.

Our new Drillers Watchlist is now available to EPG Premium Members under our Watch List Tab.

All of our Watch Lists are updated each Monday.

Sweet 16 Growth Portfolio:  Updated spreadsheets showing our earnings per share forecasts and Fair Value estimates for each company are now available under the Sweet 16 Tab.

Log on, go to the Sweet 16 Tab and click on "Sweet 16 Forecasts".

Detailed forecast models for each company in the Sweet 16 Growth Portfolio are available to EPG members under the Sweet 16 Tab.  Just click on the company's logo.

An updated Net Income and Cash Flow Forecast for FX Energy (FXEN) has been posted under the Watch List Tab.

FXEN reported a 22% increase in their proved reserves, to 53.5 Bcfe, during the year ending December 31, 2011.  2P reserves = 94.5 Bcfe.

A company profile for EV Energy Partners, LP (EVEP) has been posted under the Watch List Tab.

EV Energy Partners LP (EVEP) was the top performing upstream Master Limited Partnership (MLP) on our MLP Watch List in 2011. The unit price rose more than 67 percent.

Range Resources (RRC), a member of our Sweet 16 Growth Portfolio, reported today that their unproven resource potential is now 44-60 trillion cubic feet of gas equivalent at the end of 2011. That's up from a previous estimate of 35-52 trillion cubic feet measured at the end of 2010.

The United States consumes about 22 TCF of natural gas per year.

RRC is now focused on drilling within the liquids rich portions of their acreage.

An updated Net Income and Cash Flow Forecast model for Sweet 16 Growth Portfolio member Patterson-UTI (PTEN) has been posted under the Sweet 16 Tab.

Sweet 16 Growth Portfolio member Energy XXI (EXXI) released financial and operating results for the quarter ending December 31, 2011 that beat our forecast by a wide margin.  An updated forecast model is now available under the Sweet 16 Tab.

An updated Net Income and Cash Flow Forecast model for Oasis Petroleum (OAS) has been posted under the Sweet 16 Tab.

Our Fair Value estimate has been adjusted based on recent company guidance and the year-end reserve report.

A spreadsheet that shows our current Net Income and Cash Flow Forecast for each of the Sweet 16 Growth Portfolio companies has been posted under the Sweet 16 Tab.

There is also a spreadsheet showing our current Fair Value estimate and the current First Call 12-month price target for each stock.

You need to log on as an EPG Premium Member to access this information.

Sweet 16 Growth Portfolio member Continental Resources (CLR) released their 4th quarter operations update and year-end reserves.  An updated Net Income and Cash Flow Forecast with our new Fair Value estimate is now available under the Sweet 16 Tab. 

EPG Premium Members can access all of our forecasts for the companies in our Sweet 16 by logging on and clicking on the individual company logos under the Sweet 16 Tab.

A new company profile with our forecast model for MarkWest Energy Partners, L.P. (MWE) is now available to EPG Premium Members under the MLP Tab.

Two of our interns from Rice University are focused on energy sector Master Limited Partnerships (MLP).  Our plan is to publish profiles on all of the MLPs on our Watch List over the next two months.

Sweet 16 Growth Portfolio member Range Resources (NYSE: RRC) announced  that its proved resources increased to a record high 5.1 trillion cubic feet equivalents as of December 31, 2011.  The new report represents a 14 percent increase over year-end 2010, and that adjusting for the sale of its Barnett Shale properties, Range's increase would have been 43 percent.

An updated Net Income and Cash Flow Forecast for Carrizo Oil & Gas (CRZO) has been posted under the Sweet 16 Tab.

Our Fair Value estimate has been adjusted to reflect lower natural gas prices expected in 2012.

Updated Net Income and Cash Flow Forecast models have been posted under the Sweet 16 Tab for Range Resources (RRC) and TransGlobe Energy (TGA).

An updated Watch List of our favorite E&P companies and onshore drilling companies has been posted under the Watch List Tab. 

This spreadsheet contains links that will take you directly to our company profiles for each company.

An updated MLP Watch List has been posted under the MLP Tab.  We update the watch lists every Monday.

Energy sector Master Limited Partnerships offer investors a combination of low risk and high tax deferred yield.  Our watch list gives you some valuable information that can be used to find an MLP that many be right for you.

PetroBakken Energy (PBN.TO) has provided an operations update.  An updated Net Income and Cash Flow Forecast has been posted under the Watch List Tab.

PetroBank (PBG.TO and PBEGF.PK) owns 59% of PetroBakken's outstanding common stock. 

An updated company profile and forecast for Newfield Exploration (NFX) has been posted under the Watch List Tab.

NFX is a former Sweet 16 Growth Portfolio company, so we have been tracking and modeling it for several years.  It is currently trading near the low end of its 52-week range.  The risk/reward now looks very good on this oil weighted company at today's share price.

A company profile for EOG Resources, Inc. (EOG) has been posted under the Watch List Tab.

EOG is among the largest crude oil producers in both the North Dakota Bakken and South Texas Eagle Ford plays.

Updated forecast models for the following Sweet 16 companies have been posted under their logos (log on and click on the Sweet 16 Tab):

Continental Resources (CLR)

Carrizo Oil & Gas (CRZO)

TransGlobe Energy (TGA)

Sweet 16 Growth Portfolio member Denbury Resources (DNR) has been upgraded to Strong Buy from Outperform at Raymond James.  The upgrade is based on oil production and reserve growth expected from Denbury's Bakken Shale drilling program in North Dakota and their tertiary operations in the Gulf Coast Region.  Raymond James price target is $22.

Several changes have been made to our Sweet 16 Growth Portfolio.  EPG members can log on and find it under the Sweet 16 Tab.

Oasis Petroleum (OAS) and Range Resources (RRC) will be added to our Sweet 16 Growth Portfolio on January 1st.

Our initial forecast models for each company are now available to EPG Premium Members under the Watch List tab.

TransGlobe Energy (TGA) has announced that their acquisition of the West Bakr Production Sharing Concession has received final approval from the Government of Egypt.  Current production of the assets being acquired is approximately 4,000 BOPD (before the production sharing split with the Government of Egypt).

TGA expects the deal to close by year-end or early in January.

The Effective Date of the sale is July 1, 2010, so there will be a significant adjustment to the $60 million acquisition price.

Our Watch List of 25 E&P companies and 7 onshore drillers has been updated and is now available under the Watch List tab. 

Only EPG Premium Members can access this information.

Energy Sector MLPs offer investors high tax deferred yield. 

We are now tracking six upstream and 13 midstream publicly traded Master Limited Partnerships on our "MLP Watch List", which is updated each week.  It is available to EPG Premium Members under the MLP Tab.

Our quarterly "Sweet 16 Detailed Update" with revised Fair Value estimates for each stock is now available under the Sweet 16 Tab.  

You must be a Premium Member to access this report.

An updated forecast model for Petrominerales Ltd. (PMG), one of our Sweet 16 Growth Portfolio stocks, has been loaded under the Sweet 16 Tab. 

EPG Members can access it by clicking on the PMG logo.

Mitcham Industries (MIND) reported record 3rd quarter results after the markets closed today.  An updated Net Income and Cash Flow Forecast model has been posted under the Sweet 16 Tab.  Log on and click on the MIND logo to see it.

The forecast will be adjusted again on December 7, after the company's quarterly conference call.

An updated Net Income and Cash Flow Forecast for GeoResources, Inc. (GEOI) has been posted under the Sweet 16 Tab.

Our Fair Value estimate for the stock has been revised.

Sweet 16 Growth Portfolio member Gulfport Energy (GPOR) has been upgraded to "Accumulate" by Global Hunter Securities. 

We have updated our forecast model for GPOR to include the recently announced equity offering.  EPG members can access the forecast by clicking on the GPOR logo under the Sweet 16 Tab.

We have uploaded new company profiles for the following Watch List companies:

> Gastar Exploration, Ltd. (GST)

> Helmerich & Payne, Inc. (HP)

>  McMoRan Exploration Co. (MMR)

An updated MLP Watch List is loaded to the website each weekend.  Members can access this report by logging on and clicking on the MLP Tab.

Energy Sector MLPs offer high tax deferred yield.  Most of their revenues are locked in by hedging or long-term contracts, so they have limited exposure to commodity price risk.  Our watch list compares 21 publicly traded MLPs.

An updated company profile for Evolution Petroleum (EPM) is now available under the Watch List Tab.

The MLP Watch List has been updated and posted under the MLP Tab.  Annual yields for our favorite energy sector MLPs range from 4.2% to 10.6%.

Energy Sector MLPs offer high tax deferred yield.

Summaries of the Sweet 16 EPS forecasts and our Fair Value estimates for each company have been posted under the Sweet 16 Tab.

Just click on Sweet 16 Forecasts.

Gran Tierra Energy (GTE) reported 3rd quarter results that topped our forecast model, primarily due to higher realized oil prices.  3rd quarter production was slightly below our forecast, offset by lower than projected operating expenses.

The company has several high potential wells that will reach TD within the next 90 days.

An updated forecast model, with our adjusted Fair Value estimate, is now available under the Sweet 16 Tab.

Energy Sector Master Limited Partnerships (MLP) offer investors high tax deferred yields.  We have 21 high rated companies on our MLP Watch List.

Current annual yields range from 4% to 10.4%.

EPG members can access the current MLP Watch List by logging on and clicking on the MLP Tab.  It is updated each weekend.

Denbury Resources (DNR) 3rd quarter results beat our forecast.  An updated forecast model is available under the Sweet 16 Tab.

Denbury is hosting our luncheon in Houston on November 15.  You can register today by clicking on the Calendar Tab.

Cimarex Energy (XEC) reported 3rd quarter results in-line with our forecast.  An updated forecast model can be found under the Sweet 16 Tab.  Click on the XEC logo.

An updated company profile and forecast model for Sweet 16 Growth Portfolio member Energy XXI (EXXI) has been posted to the website under the Sweet 16 Tab.  Just click on the EXXI logo.

At the bottom of the forecast model you can find our adjusted Fair Value estimate for the stock.

A company profile for Union Drilling (UDRL) has been posted under the Watch List Tab. 

We have been tracking UDRL on our Watch List for almost a year.  The company's 3rd quarter results beat our forecast.  We are bullish on the onshore drillers as we see continued strong demand for high quality onshore drilling equipment in the North American market, driven primarily by expanding drilling budgets in the shale plays.

Energy XXI (EXXI) was added to the Sweet 16 Growth Portfolio on 10-24-2011.  An updated forecast model is now available under the Watch List tab.

It will take a few days before we can roll everything on EXXI under the Sweet 16 Tab.   Brigham Exploration (BEXP) was dropped from the Sweet 16 to make room for EXXI.

Energy XXI (EXXI):  An updated forecast model for EXXI has been posted under the Watch List tab.  The company will be reporting their fiscal 1st quarter results on Thursday, October 27.

EXXI will be replacing Brigham Exploration (BEXP) in our Sweet 16 Growth Portfolio on November 1st.

Sweet 16 Growth Portfolio member Brigham Exploration (BEXP) said it expects third-quarter production volumes to come in at or above the high end of its guidance (15,000 to 16,200 boe per day).  They also announced the completion of a significant Three Forks well in North Dakota.

BEXP is on-track for 80% year-over-year production growth.

We have updated our company profile for SandRidge Energy (SD).  It has been posted under the Watch List tab.

Sandridge holds more than 900,000 net acrea in the Mississippian Play in northern Oklahoma.  The company has 14 operated rigs working in the play and they have completed more than 120 wells to date.  Early indications are that each well adds approximately 500,000 boe of proven reserves and estimated IRRs are very encouraging.  SD has identified over 4,000 potential drilling locations on their acreage.

We've had SD on our Watch List for over a year and now have a high level of confidence in our forecast model.  We encourage EPG members to read our profile and do their own due diligence before investing.  SD is highly leveraged to future oil prices.

An updated E&P + Onshore Drillers Watch List has been posted under the Watch List tab.  Dan has highlighted those companies that he believes are candidates to move into our Sweet 16 Growth Portfolio.

The onshore drillers are grouped at the bottom of the spreadsheet for easy comparison.

Sweet 16 Growth Profolio stocks upgraded:

> Cimarex Energy (XEC) by Oppenheimer to Market Perform

> Carrizo Oil & Gas (CRZO) by Oppenheimer to Outperform

> FX Energy (FXEN) by C K Cooper to Buy

> Patterson-UTI Energy (PTEN) by Zacks Equity Research to Outperform

SunTrust raised their target price for Sweet 16 member Gulfport Energy (GPOR) to $45/share.

Working gas in storage was 2,714 Bcf as of Friday, July 22, 2011, according to EIA estimates. This represents a net increase of 43 Bcf from the previous week. Stocks were 201 Bcf less than last year at this time and 65 Bcf below the 5-year average of 2,779 Bcf.

Sweet 16 Growth Portfolio member Patterson-UTI (PTEN) 2nd quarter earnings of $0.52 per share are $0.03 better than our forecast, primarily due to increasing average dayrates.   

BlackRock Managing Director Dan Rice in an interview on CNBC said Range Resources (RRC) and Sweet 16 Growth Portfolio member Plains Exploration and Production (PXP) are two the firm’s top picks.

BHP Billiton (BHP) has made a $12.1 Billion all-cash takeover bid for Petrohawk Energy (HK), one of the companies on our Watch List.   At $38.75/share, the offer is a 65% premium to HK’s closing price on July 14.  This deal makes BHP a major play in the U.S. natural gas market.

The International Energy Agency increased its expectations for 2011 global crude oil demand by 200,000 barrels per day to 89.5 million barrels per day. The agency said demand will grow in 2012 to 91.0 million barrels per day.

Dan Steffens, EPG President, will be making a presentation on "Equity Investing with Discipline” to the Houston M&A Forum on Tuesday, July 26.  A limited number of seats are available for EPG members.  Contact: mike.dahike@csbpartnersllc.com

Sweet 16 Growth Portfolio member Gulfport Energy (GPOR) announced its intentions to significantly increase its leasehold position in the Utica Shale play in Eastern Ohio, results of the Grizzly Oil Sands ULC reserve and resource assessment and provided on update on their TEW-E exploratory well in Thailand. 

Due to the limited pumping capacity of the coil tubing unit being used in Thailand, the company could not remove blockage in the test well.  A drilling rig will be required to remove debris and test the well.