Seeking Alpha

Emerald Oil +1% after Global Hunter ups shares to Buy

Emerald Oil (EOX +1%) is upgraded to Buy from Accumulate with a $12 target price, up form $10, at Global Hunter, after last week's acquisition of 20.8K net acres and ~350 boe/day of production in the Williston Basin for $74.6M, equating to $3,587/acre and $213K/boepd.

While the price per boepd of production falls above other area transactions, the per acre price is quite attractive, the firm believes; of the 20.8K acquired acres, 19.6K are quite close to EOX's core Low Rider operating area.

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