Crocotta Energy Inc. (CTA.TO) released "impressive" results from two Bluesky horizontal wells at its Edson field in Alberta, which should increase company production by 76% to 4,000 barrels per day of oil equivalent by mid-June, Clarus Securities Inc. analyst Kirk Wilson is cited in the Globe and Mail as saying. "With additional Bluesky wells planned in the second half of 2011, CTA looks to be in a strong position to increase production and cash flow above our previous estimates," he reportedly said.
Wilson upgraded the stock to a Buy and increased his price target to $3.35 from $2.90. The report didn't say what the previous rating was.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
