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Mackie Research Launches Coverage On Crown Point Energy With A C$1.55 Target Price And A Buy Rating

|Includes:Crown Point Energy Inc. (CWVLF)

Just a note to those following this story. Today, Toronto-based Mackie Research Capital ( launched research coverage on Crown Point Energy (OTCPK:CWVLF or CWV on the TSX Venture) with a buy rating and a 12-month target price of C$1.55.

The same firm also covers Madalena Energy (OTCQX:MDLNF or MVN on the TSX Venture).

Crown Point is expected to begin its 10-well Tierra del Feugo development and exploration drilling program next month. Investors are also waiting for testing to get underway at the Hoyada-1 exploration well, which encountered 36 meters of naturally fractured volcanics with persistent live oil shows within Argentina's Vaca Muerta shale play in February of this year.

The stock is trading at $0.75 at the time of writing.

Disclosure: I am long CWVLF.

Stocks: CWVLF