Shares of Whiting Petroleum slid 20-percent after the oil company was unable to find a buyer and was forced to issue a secondary offering of 35 million shares along with more than $1 billion in additional debt. TheStreet’s Action Alerts PLUS co-portfolio manager Jim Cramer and Energy Contributor Dan Dicker had recently warned investors about paying a premium for Whiting shares following their announcement to try and find a buyer, and said then that the vast majority of oil stocks had not yet reflected the low price of oil under $60 a barrel, which Dicker believes will still last well into 2016. Until shares re-price for that long cold oil winter, Dicker believes that only a few of the very best capitalized oil stocks are worth investment now at very select prices.
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