pattersons research note re $1.03, page-5

Instead of worrying about what the broker recommended on Albidon, put that aside and look at the fundamentals of this stock...AZZ. They are drilling low risk/high impact wells, they are in JV wells with Petrohawk, they have 75% of other wells and they will be drilling around 30 wells between now and end of 2012. It's a mathematical exercise. My research concurs with Patersons but I have a much higher fair value share price and quite frankly, I think there is a very high probability AZZ will be a takeover target. If you can look at where they will be two years from here, a $400M market cap is very realistic. That's $1.60 per share. That's my minimum price.