Heartland Oil and Gas (fka HTOG)

[m1lenk0]

Since our initial report, HTOG’s share price has declined from around $0.06 to $0.002 mainly due to slow progress
in connecting the Palo Pinto County wells and revenue growth below expectations. In addition, the Company
will require significant external financing to continue its exploration activities; this will likely be funded
by equity sales and cause share dilution. Despite these challenges, we think HTOG has attractive, under-valued
energy assets and significant upside potential. Accordingly, we are reiterating our Speculative Buy rating for
Heartland Oil and Gas Corp.