Business
Mackie Research Updates Coverage and Buy Recommendation on Parex Resources - Video Posted on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2013) - Investment firm Mackie Researc...
About this update from Parex Resources Inc.
[{"type":"text","content":"Mackie Research Updates Coverage and Buy Recommendation on Parex Resources - Video Posted on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - June 17, 2013) - Investment firm Mackie Research has updated coverage on Parex Resources (TSX: PXT). Following news from the company, which included the closing of an acquisition and recent drilling success, analyst Bill Newman reiterated his buy recommendation and 12-month target price of $9.75, a premium of 128% over the $4.28 price the day the report was issued. InvestmentPitch.com has produced a \"video news alert\" based on this report. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Parex\" in the search box. If you cannot view the video above, please visit: http://www.investmentpitch.com/video/0_yw9paior/Mackie-Research-has-updated-coverage-on-Parex-Resources-TSX-PXT-June-14thHeadquartered in Calgary, Parex, through direct and indirect subsidiaries, is engaged in oil and natural gas exploration, development and production in South America and the Caribbean region.Parex is conducting exploration activities on its 1,349,000 gross acre holdings primarily in the Llanos Basin of Colombia and 219,000 gross acre holdings onshore Trinidad The company announced that it has increased its working interest in the Cabrestero block from 50% to 100% for cash consideration of $12.5 million. \"So far in 2013 we've had two significant discoveries, two material field extensions and continued strong performance on our Kona field. Over the next 2 months we will conduct extended production tests on the new wells to help us evaluate the potential reserves impact and based on that we'll set out our remaining year 2013 production strategy and our first pass at the 2014 capex and production budgets\", commented Wayne Foo, President and CEO. The company expects that its second quarter 2013 production to be 15,000 to 15,500 barrels of oil per day. For more detailed information on the numerous projects please refer to the company's news release of June 10th.Analyst Bill Newman stated, \"Given Parex's recent exploration success, we are confident that the company will increase its production guidance. We maintain our BUY recommendation on Parex's active drill program and the potential for production and reserve growth.\" The shares are currently trading at $4.40, and...