S&P 500 & Nasdaq Analysis and Trends

[Stock]

here's the list of stocks working in the Barnett Shale:

http://finance.yahoo.com/q/cq?s=BR,CHK,CRZO,DNR,DVN,ECA,EOG,IFNY,KWK,PLLL,XTO&d=v6





Two of these companies have made a large bet on the western edge of the play. ~80% of EOG’s acreage is
located in Tier 2, primarily in Jack, Erath, and Palo Pinto counties, while all of IFNY’s acreage is located in
Erath and Comanche counties. This increases the risk associated with these assets as it is still unclear
whether or not the western counties are truly in the gas window.

Of these four companies, KWK appears to have the lowest risk acreage position as its acreage is concentrated
in the eastern portion of Hood and Somervell counties. CRZO actually has a greater percentage of its acreage
in the Core/Tier 1 than KWK, but it is more fragmented while KWK’s is more contiguous. EOG and IFNY
both get a qualitative ding for the high percentage of western county acreage.

DNR, DVN, PLLL, XTO and CHK also have significant upside reserve potential from the Barnett (~50%,
50%, 30%, 25%, and 10% respectively).

PLLL, however, has a relatively small acreage position (which is a
concern given prior discussion).

BR and ECA each have <10% overall reserve upside from the play.