"Molopo Energy has stepped up its oil production in Canada, foreshadowing the drilling of up to 25 new wells in the Bakken and Spearfish areas over the next 3-4 months. The aggressive exploration program is aimed at giving the company a more meaningful production profile to pitch to Canadian investors in 2010."
"Well completion and connection times are short in Canada, so significant early production is expected to occur in the next few months. Most of the wells will be completed before the end of March before the ground becomes unworkable."
"Our asset-based valuation range remains unchanged at between $3.90 and $7.31 per share, with a mid-point of $5.37 per share. There is no change to our 12-month price target of $2.25 per share."
MPO Price at posting:
$1.06 Sentiment: LT Buy Disclosure: Held
