Dutton Associates Announces Investment Opinion: Baseline Oil & Gas Strong Speculative Buy Rating In Update Coverage By Dutton Associates
Friday May 30, 11:45 am ET
ROSEVILLE, Calif.--(BUSINESS WIRE)--Dutton Associates continues its coverage of Baseline Oil & Gas (OTCBB:BOGA - News) maintaining a Strong Speculative Buy rating and a $1.35 price target. The 7-page report by Dutton senior analyst Richard Wolfe, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg Professional, JCF Group, Zacks, Reuters, Knobias, and other leading financial portals.
Baseline is a U.S. oil and gas e&p company, operated since 2005 by a management team with several decades of successful experience. Baseline presently has proved producing properties in Texas and prospective acreage in Indiana. In Texas, the producing properties are composed of the Blessing Field in Matagorda County and the Eliasville Field in Stephens County, and in Indiana acreage containing shale-gas prospects associated with the Illinois Basin New Albany Shale formation. The recently acquired Blessing Field is a 100% working interest in approximately 2,400 Frio trend acres with 13 producing wells with the potential for approximately 38 wells. In the Eliasville Field, a waterflood operation where Baseline also has a 100% working interest, a workover/recompletion and infill drilling program is planned that has the potential to nearly double production by 2010. In the New Albany Shale, we anticipate the Company’s first reserves to be booked at the end of the CY2008. In a December 2007 reserve study, independent petroleum engineers put Baseline’s total proved reserves at approximately 6.2 million barrels of oil and 32.3 billion cubic feet of natural gas (69.7 billion cubic feet equivalent of natural gas, a 54:46 breakout between oil and gas). Our rating is based on solid prospects for further development of low-risk assets in the Blessing Field and the Eliasville Field, and a continued expectation of significant development of the New Albany Shale acreage.
About Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, and have expertise in many industries. Dutton & Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.
The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $28,000 from the Company for 4 Research Reports with coverage commencing on 10/23/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
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