Canaccord Genuity Initiates Coverage on Raging River Exploration (TSX:RRX) with a Buy Recommendation - Video Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, June 17, 2013 - Investment firm Canaccord Genuity
has initiated coverage on Raging River Exploration (TSX:RRX). Analyst Steve Toth
gives the company a buy rating and one-year price target of $5.50, a 43% premium
to the $3.85 price the day the report was issued.
InvestmentPitch.com has produced a "video news alert" about Raging River
Exploration based on this research report. If this link is not enabled, please
visit www.InvestmentPitch.com and enter "Raging River" in the search box.
The company offers investors significant exposure to the Saskatchewan Viking
light oil play in the greater Dodsland area, which contains an estimated six
billion barrels of original oil in place.
The experienced management of Raging River has had a successful track record of
building four previously successful oil and gas production companies including
Wild Stream Exploration and Wild River Resources which were both sold to
Crescent Point Energy Corp (TSX:CPG).
In December 2012, the company closed a bought deal financing for 26 million
shares at $2.65, raising gross proceeds of $68.9 million, and announced a $120
million capital development budget for 2013. 100% of the budget will be
allocated to the Saskatchewan Viking light oil resource play, including the
drilling of 115 net horizontal oil wells during 2013.
During the first quarter, the Company drilled 45 Viking horizontal oil wells
with a 100% success rate. 36 of these wells have been on-stream for at least 65
days with an average rate of 50 barrels of oil per day, per well. Raging River's
2013 forecast exit rate is expected to be approximately 5,400 barrels of oil
equivalent per day, a greater than 45% increase from the 2012 forecast exit rate
of 3,700 barrels of oil equivalent per day.
Based on the current pace of development, the company has forecast a 10 year
drilling inventory, positioning it for long term, sustainable per share
production, reserves and value growth.
Analyst Steve Toth stated, "Raging River maintains a strong balance sheet, a
cost of capital advantage, and proven ability to extract additional value from
acquisitions."
The shares are currently trading at $3.85, and with 156.7 million shares
outstanding, the company is capitalized at $603 million. This $3.85 price is
well below Canaccord Genuity's target price of $5.50.
For more information, please visit the company's website www.rrexploration.com
or contact Neil Roszell, President & CEO at 403-767-1250 or email
nroszell(at)rrexploration.com.
For more information about Canaccord Genuity or to obtain a copy of their
research report, contact your nearest Canaccord Genuity office. Their branches
are listed on their website at www.canaccord.com.
About InvestmentPitch
InvestmentPitch.com, a multimedia company that provides a combined solution for
creating and hosting financial video content, and distributing it across
multiple platforms to investors and financial professionals, specializes in
producing three minute videos based on news releases and research reports.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 17.06.2013 - 22:19 Uhr
Sprache: Deutsch
News-ID 270512
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