I read that an MS in Pet Eng is worthless without experience. Companies will prefer BS in Pet Eng over MS in Pet Eng without experience because of less cost risk. I read it here
http://www.eng-tips.com/viewthread.cfm?qid=322834
There is a lot of negative aspects of Petroleum Engineering. The talk college site has more Petroleum Engineers talking there
http://talk.collegeconfidential.com/14214945-post2.html