Follow T. Boone’s Oil Pickings!
May 29th, 2008 | By Ann Sosnowski | Category: Oil Investment & Alternative EnergyT. Boone Pickens is a major oil guy. He became successful buying up oil and gas companies and trading energy for his fund, BP Capital. And now he’s forecasting $150 oil.
Not only is he forecasting higher and higher prices for black gold, but he’s also putting money into new oil companies.
According to the 13F Disbursement Plan, Pickens just bought Sandridge Energy Inc. (SD:NYSE) in the first quarter of 2008. It just went public in late 2007.
So far, it’s been on a solid run, returning an 83% gain in only four months. But it’s still cheaper than the major oil companies like BP and Exxon Mobil.
Sandridge is based in Oklahoma. It looks for natural gas and oil reserves in Texas and drills for other companies. It also provides CO2 to third-party oil recovery projects.
After an initial buy in the first quarter of 2008, I anticipate Pickens buying more and more of this oil company at its still low price of $55 per share. The safest way to invest in oil is to follow Pickens’ picks… especially since this expert says oil is going to $150, far from its current level near $130 per barrel.
Ann Sosnowski
Editor, Safe Haven Investor
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Source: Follow T. Boone’s Oil Pickings!
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