Haywood Securities Gives Zodiac Exploration (TSXV:ZEX) a Sector Outperform Rating - Video Summary of Report Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, May 17, 2011 - Vancouver based Haywood Securities
has issued a research report for Zodiac Exploration (TSXV:ZEX). Analyst Geoff
Ready gives the company a sector outperform rating and a 12 month target price
of $1.60 per share. At the date of his report, the shares were trading at $1.01
InvestmentPitch.com has produced a "video news alert" based on this research
report. If this link is not enabled, please visit www.investmentpitch.com and
enter "Zodiac" in the search box.
The following includes information taken from the Haywood Research Report.
Zodiac is a Calgary based company formed to explore for and eventually develop
and produce oil and gas assets in North America with a focus on the San Joaquin
Basin in California. The Basin is approximately 300 kilometres long and
stretches between Bakersfield and Stockton. This Basin has been the heart of the
California oil industry since the 1800's and has proven reserves of more than
2.1 billion barrels of oil.
Zodiac has accumulated a land base of approximately 87,000 net acres in Kings
County California, which the company believes contains both unconventional and
conventional prospects. These properties consist of freehold leased contiguous
lands that are being explored for several different play concepts. These include
naturally fractured source rock shales, tight sandstone and siltstones.
Haywood believes that acquiring a land base similar to Zodiac's is only possible
prior to a discovery, and values the company's undeveloped land at $3,500 per
acre.
Large operators, such as Occidental Petroleum, are making California its focus
and currently produces 25% of its state production out of zones similar to what
Zodiac is planning to test. Occidental has quietly leased 1.6MM acres of
California lands and is planning to make California its largest business unit in
the next 10 years.
Existing gas pipelines go directly through Zodiac's project area. California's
crude pipelines originate principally from Kern County and flow north to
refineries in the San Francisco Bay area.
Zodiac is led by an experienced technical team with the goal of discovering
large recoverable oil in place reservoirs using modern technology.
Zodiac has drilled its first test well to a depth of approximately 4,500 metres
and cored 130 metres of potential reservoir. The company believes this
exploration well will potentially lead to horizontal development of multiple
strata over hundreds of well locations.
The company has approximately 325 million shares outstanding, and based on
today's price of $1.15 is capitalized at close to $375 million.
Summing up the report, Haywood calls Zodiak a "California Unconventional Oil
Story with High Impact Potential".
For a more information on Zodiac Exploration or a copy of the Haywood Securities
research report please visit their website at www.zodiacexploration.ca , phone
403-450-7896 or email info(at)zodiacexploration.ca
CONTACT:
Investmentpitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 17.05.2011 - 19:27 Uhr
Sprache: Deutsch
News-ID 54757
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