A recent CNBC interview with hedge fund honcho Leon Cooperman, founder of Omega Overseas Partners, caught my attention for several reasons. The first was a genuine curiosity as to how this guy has been able to continually outperform the market with a huge account for so many years.

I've called it the "asset shuffle". A changing of the guard in one of the most storied oil and gas plays in America.

Insider buying declined last week with insiders buying $42.41 million of stock compared to $115.81 million in the week prior. Selling also decreased with insiders selling $910.43 million of stock last week compared to $2.29 billion in the week prior.

In August 2013, I wrote about opportunities shaping up for junior E&Ps in the shallow-water Gulf of Mexico Shelf (see "Junior Time in the Gulf of Mexico Shelf").