Jennings Capital Reiterates Buy Recommendation on Rock Energy (TSX:RE) - Video Summary on www.investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, March 27, 2013 - Jennings Capital has reiterated
its buy recommendation on Rock Energy (TSX:RE), a Calgary-based crude oil
exploration, development and production company. Analyst James Humen gives the
company a 12-month target price of $1.80, up from the previous target price of
$1.60, and a 30% premium to the $1.38 price the day the report was issued.
InvestmentPitch.com has produced a "video news alert" which provides a brief
overview of Rock Energy based on the research report. If this link is not
enabled, please visit www.InvestmentPitch.com and enter "Rock Energy" in the
search box.
During 2012, Rock took the steps needed to transition itself from a company with
a foundation of heavy oil production and a natural gas resource play requiring
significant capital, to one entirely focused on oil plays in the Plains and
Southwest Saskatchewan regions.
To prosper in Central Alberta and Saskatchewan, a company like Rock Energy needs
to focus on projects within its means and that generate early significant cash
flow.
The company's production currently exceeds 3,000 barrels of oil equivalent per
day, led by strong drilling results at their new discovery at Mantario, where
the company has developed a producing property that is currently producing in
excess of 1,800 barrels of oil equivalent per day. Mantario has become the
company's flagship property for reserve growth and production additions.
Management indicates that a full strategy at Mantario is likely to consist of
approximately 30 locations at 20 acre well spacing.
At Onward, the company is allocating $2 million for a waterflood project.
Rock Energy plans to complete the installation of high volume lift facilities at
Lloydminster, and has expanded its drilling inventory to over 60 locations.
The company has 500 barrels of oil per day hedged until September 30, 2013, at a
price higher than $73 per barrel. Through the use of rail transport, the company
is able to ship crude directly to refineries on the U.S. Gulf Coast.
Analyst James Humen stated, "Coupled with stronger expected Western Canadian
Select pricing over the second half of 2013 and continued drilling at Mantario,
Rock remains well positioned to capture value from its strong reserves base."
Rock Energy trades at $1.35 and with 39 million shares outstanding the company
is capitalized at $53 million.
For more information please visit the company's website www.rockenergy.ca, or
call Allen J Bey, President & CEO, at 403-218-4380.
For more information about Jennings Capital or to obtain a copy of their
research report, contact your nearest Jennings Capital office. Their branches
are listed on their website at www.jenningscapital.com.
About InvestmentPitch
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creating and hosting financial video content, and distributing it across
multiple platforms to investors and financial professionals, specializes in
producing short three minute videos based on significant news releases and
research reports.
CONTACT:
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Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 27.03.2013 - 16:23 Uhr
Sprache: Deutsch
News-ID 243784
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