Pledge Petroleum Corp. (fka PROP)

[slverg]

PROP Game Changing Disruptive Technology for Enhanced Oil Recovery in the United States

By Tobin Smith | September 26, 2013, 12:20am GMT .


undefined

NBT Equities Research: Initiating Coverage on Propell Technologies Group, Inc. (PROP)
Game Changing Disruptive Technology for Oil Enhanced Recovery in the United States

The Company: Novas Energy USA ("Novas") is a wholly owned operating subsidiary of Propell Technologies Group, Inc. Novas is the exclusive US licensee of a proprietary new technology for the down hole treatment of marginally producing oil wells that has produced truly revolutionary increases in oil production in over 150 wells in Russia and 12-14 wells in the United States.
Fully Diluted Shares Outstanding: 253 Million
Approximate Market Capitalization: $88.5 Million
Current Share Price: .35
12-18 Month Target: $2.25 based on 2015E EPS of 4-5 cents a share

Investment Thesis: With marginal exploration costs for shale and offshore oil at $75-$90 per barrel, crude oil prices will remain elevated ($85-$115) for the foreseeable future. At $60-$70 net revenue per barrel of oil available to the owners of the 500,000+ marginally producing wells in the United States (under 10 BOPD or injection) the economics for enhanced oil recovery and re-stimulation of previously uneconomic oil wells in the United States are historically in favor of a significant increase of enhanced oil recovery production.

Click below to see our entire report. http://www.nbtequitiesresearch.com/sites/default/files/uploads/NBTER_Initiating_Coverage_PROP.pdf