This column is for investors willing to take more risk and potentially receive more reward.  The stocks mentioned in this column are not recommended to buy or sell.  They're brought to your attention so you can investigate them further to determine if they fit your risk profile.  Most of the stocks will have less than $1 billion of market capitalization, have more volatility than other stocks, and oftentimes no earnings.  And some will have tremendous stories.

August 20, 2008 - Complete Production Services, Inc. (CPX-NYSE) provides specialized services and products to develop hydrocarbon reserves for oil and gas companies primarily in North America and Southeast Asia. The company operates in three segments: Completion and Production Services, Drilling Services, and Product Sales.

The Drilling Services segment provides land drilling, specialized rig logistics, and site preparation for oil companies, and independent oil and gas producers in the Barnett Shale region of north Texas.

The Product Sales segment offers various oilfield supplies and tubular goods used by oil and gas companies. It serves customers primarily through its supply stores, as well as through its Southeast Asia business and agents in markets outside of North America. Its customers include oil and gas producers, as well as independent producers and land-based drilling contractors. The company,formerly known as Integrated Production Services, Inc., was founded in 2001 and is headquartered in Houston, Texas.

This is a relatively new company, only public since 2006, but it's making good money. Last year on sales of $1.655 billion, it earned $2.38 a share. That's up from $1.212 billion in 20006 that generated $2.02 in earnings. This year, analysts see $2.44 for earnings and $3.15 next year. EPS for the September quarter is expected to be 63 cents a share, up from 57 cents last year in the same quarter. For December, look for 69 cents a share, up from 57 cents last year.

Up until recently, the stock price hasn't seen the moves most energy companies experienced as oil prices climbed ever higher. In fact, since going public in 2006, the stock hasn't done too well, hitting an all-time low of $14.13 early this year. Now it's more than double that, returning investors 100% in the last 6 months. Can it keep going? Analysts predict earnings growth of 10.5% a year, on average, for the next 5 years.

For a complete review of the most recent earnings release, click here: http://biz.yahoo.com/bw/080723/20080723006388.html?.v=1

More numbers: Price to Sales Ratio is 1.17. Price to Book is 2. Profit margin is 8.28%. Return on Equity is a respectable 16.95%. Debt to equity ratio is .775. Current ratio is 2.53 with $17.7 million in cash. There are 75 million shares outstanding. There is no dividend.

This is a growing company that investors have bid up aggressively in the last 8 months. As long as oil stays at current levels or goes higher, oil field production will continue to grow. It makes economic sense. But if oil dips down too far, companies will shut down marginal drilling fields. That would cut back on demand for CPX's services and products. No one sees that happening any time soon, but if investors get a whiff that oil has peaked and headed lower, CPX will surely follow.

- Company Web site: www.completeproduction.com

- Ted Allrich