Seeking Alpha: Abraxas Petroleum Running All-Out

Although the EPX Index has had a so-so run since late December of 2013 (up around 6%), plenty of individual plays have outperformed, but few have done so to the same extent as Abraxas Petroleum (NASDAQ:AXAS). Back in late December, I thought Abraxas was a good candidate to pick up if it traded down closer to $3, which it did within the next month or so, but I didn't think that it was going to shoot through $4.50, $5, and eventually $6. Granted, a lot happened between then and now to help the shares along the way and management has been active in selling non-core assets and picking up new acreage to enhance value.

The acreage Abraxas holds in the Williston Basin (the Bakken) is pretty mature, but there is quite a bit of growth potential via the drill bit in the Eagle Ford acreage, not to mention the possibility that the company will continue to acquire when and where it can. Strong production growth and a pretty clean balance sheet support a fair value range around $6 to $7 per share and I wouldn't underestimate management's ability to execute more value-creating transactions.

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Abraxas Petroleum Running All-Out

Seeking Alpha: Even In Sight Of The 52-Week High, Bonanza Creek Can Go Further

Small-cap oil and gas company Bonanza Creek Energy (NYSE:BCEI) has come back well from concerns over an insufficient drilling inventory and the departure of three founding executives. Since I last wrote about the company, the shares are up around 34% - more than tripling the return of the SIG Oil Exploration and Production Index and outdoing most of its Wattenberg peers except Whiting (NYSE:WLL). Bonanza Creek isn't as cheap as when I last wrote about the company (the shares looked about 30% undervalued in January), but good downspacing results and Codell tests can still take these shares far enough to be worth a look at today's level.

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Even In Sight Of The 52-Week High, Bonanza Creek Can Go Further

Seeking Alpha: Bill Barrett: High-Return Oil Plays, But Capital Needs Could Pinch

Oil and gas companies are definitely not all the same, and those differences (be they adjusted production growth, well-level ROEs, capital structures, or what have you) eventually show up in valuations. Bill Barrett (BBG), PDC Energy (PDCE), and Bonanza Creek (BCEI) are all interesting E&P companies in the $2B to $3B enterprise value range, but their performance since my October 4, 2013 piece on Bill Barrett has diverged pretty significantly - with PDCE down almost 7%, Bonanza Creek up almost 18%, and Bill Barrett up about 2%.

Looking ahead, I'm encouraged by the company's production and return potential in the DJ Basin and Uinta (or Uintah) Basin and eager to see whether initial tests in the Chalk Bluffs area will match up to the results reported by EOG (EOG) and further expand its resource potential. On the other hand, the company's capital needs are considerable and I'm concerned about the debt/balance sheet-adjusted production growth prospects.

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Bill Barrett: High-Return Oil Plays, But Capital Needs Could Pinch

Seeking Alpha: Noble Energy Targeting Multiple Growth Plays

Noble Energy (NBL) has delivered below-average adjusted production growth over the last five years and likely will need to take on additional debt to fund its capex plans over the next couple of years. I believe those negatives are more than offset by a strong future production profile based on multiple strong producing assets that should generate solid returns in the coming years. Noble isn't strikingly cheap, but still offers enough upside to merit a closer look.

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Noble Energy Targeting Multiple Growth Plays

Seeking Alpha: With Strong Wattenberg Results, Utica Could Be Gravy For PDC Energy

The last three months or so haven't been particularly kind to a number of E&P companies, and PDC Energy (PDCE) is most definitely in that group. While regional rivals like Antero (AR) and Bill Barrett (BBG) are still in the black over that short span of time (and PDC has done fine over the past year), the recent performance has left a lot to be desired.

Some of the problems with PDC Energy shares can be tied to overheated expectations earlier in the year, coupled with a disappointing third quarter and year-ahead guide. Some of it is also likely due to ongoing mixed data from the companies Utica acreage. Although I don't think the Utica results have been that bad, PDC Energy looks attractive even excluding the Utica, making this an interesting name to me at current prices given the ongoing success in the Codell and Niobrara formations in the Wattenberg. I've been stubborn to lift my long-term price estimates for natural gas, and I'm still less bullish than most, but at $4 gas, PDC Energy starts looking like a very interesting stock to me.

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With Strong Wattenberg Results, Utica Could Be Gravy For PDC Energy

Seeking Alpha: Bill Barrett's Transformation Can Fuel Further Gains

Timing is everything in the market; had I written what I'm about to write in February of this year, I'd have come off looking pretty good. Be that as it may, while missing the 60% move in Bill Barrett (BBG) stings a bit, I have confidence that the company can continue to deliver the sort of results that will move the stock even higher in the coming years. More to the point, the company's ongoing transformation from a high-cost producer of natural gas to a competitive producer of oil with a deep drilling inventory makes this a name to watch.

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Bill Barrett's Transformation Can Fuel Further Gains