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We are obviously in a stock picker's market, something we have discussed before and we wanted to highlight some stocks which might be of some help to readers this morning. We continue to expect solid exploration results from the Utica shale in Ohio, so investors able to buy on dips with cash they currently have could very well be successful as results pour in at the end of this year and through 2013. That is where we see the easiest money in the oil and natural gas E&Ps at this time and where we have allocated the majority of our portfolio as well.

Oil & Natural Gas

Investors saw shares in McMoRan Exploration (MMR) end yesterday down another $1.47 (15.23%), with shares closing at $8.18/share, as investors continued to exit the Gulf of Mexico focused E&P play after the revelation of the company's slow moving developmental process for a key well. Volume was once again high here with 34 million shares trading hands as the stock set a new 52-week low after falling to $7.25/share in yesterday's trading session. This occurred after a call held by the company and numerous analysts coming out and moving their views negatively, either lowering their price target or outlook. Right now it is not looking good for investors of McMoRan Exploration.

However, investors in Gulfport Energy (GPOR), which we are one, should see some upwards movement in the share price today after the company announced last night at 7 PM the results of the Shugart 1-12H well. The well is another success in the company's Utica drilling program and demonstrates that a resting period of 60 days appears to work on the company's acreage. The company also announced the commencement of operations at the Cadiz Complex in the Utica which is all part of the ramp up in infrastructure to get the company's production to market.

For a trade on Gulfport's success one might also want to look at Rex Energy (REXX) which has acreage in the area and will also be announcing the results from its first drilling in the play soon. If the prolific part of the wet gas window carries south towards Rex's acreage, we could see shares rise significantly as the company quickly transforms from a dry gas player to one with a greater percentage of wet gas in its production mix. This is a bit more speculative than Gulfport, however it provides some upside based on how successful their initial Utica results are.

For those natural gas investors looking for good news, look no further than Cheniere Energy (LNG) which rose $0.74 (2.28%) to close at $15.62/share after it was reported that the company's Sabine Pass LNG export terminal appears to be ahead of schedule. That is good news for the company and those in the industry as dry natural gas continues to be found and producers are holding back a lot of production which could easily ease energy supply/demand imbalances in other parts of the world - namely Europe.

We like to provide continuing coverage on names we follow and this morning we want to highlight Kodiak Oil & Gas (KOG) which has indeed fallen below the $9/share threshold we discussed in earlier articles. We now find ourselves at a critical level and if shares fall through the $8.50/share level then we have some serious issues. There is support at the $8.50/share level as one can see by yesterday's price action and historical moves, and so long as we stay above that level traders could very well play bounces upwards from the support. We would advise tight stops in that situation, but everyone has their own trading strategies and that we will leave to those individuals partaking in the trade.

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