Though EOG Resources (EOG) slid 15% in the last four trading days, the move appears to be related to investor concern over falling crude oil prices rather than the fundamentals of EOG’s business, which remain incredibly strong. Its first quarter 2012 is producing revealed that earnings per share came in 131% above the first quarter of 2011, and its discretionary cash flow was 39% higher in the same period. With strong positions on the top North American plays, including Eagle Ford, the Bakken, and the Barnett Combo, EOG is in a position to throw its weight behind development. One of its most exiting plays is the Wolfcamp formation on the Permian Basin, where it holds over 120,000 net acres.

EOG is steadily increasing its drill rate on the Permian. It twenty-three new drills for another new drill by the Texas Railroad Commission, which oversees energy production in Texas, last week. Though EOG is increasing its competitive edge, Apache (APA) leads in this field, receiving permits for a whopping twenty-three new drills last week. Cabot Oil & Gas (COG) also twenty-three new drills for five new drills through its subsidiary COG Operating LLC, twenty-three new drills Devon (DVN) through its subsidiary Devon Energy Production Co. LP. SandRidge (SD) and Pioneer Natural Resources (PXD) were also represented in new approvals, and this uptick in interest could be good news for Chesapeake (CHK), which is still seeking a buyer for some of its Permian Basin acreage by the third quarter of this year. To continue reading, click here.