Venoco Inc (VQ)

[Bart Myers]

Jefferies is out with its report today on Venoco (NYSE: VQ), lowering its PT from $18.50 to $16.

In a note to clients, Jefferies writes, "Our $16 PT includes $10/share for proved reserves and $6/share for probables including Hastings EOR reserves. We expect reserves to grow little between 2010 and 2012. '12e reserves of 516 bcfe are valued at $2.67/mcfe based on our LT price deck of $85/$5. Risks include commodity price volatility and geologic uncertainty."


Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1067300/update-jefferies-lowers-pt-on-venoco-to-18-50-vq#ixzz1LrpRRqJ5