Pritchard Capital Out With Morning Intelligence (BBG, BEXP. COG, EXXI, GDP)
Pritchard Capital is out with its morning intelligence report. In the report, Pritchard Capital covers Goodrich Petroleum Corporation (NYSE: GDP), Energy XXI Ltd. (NASDAQ: EXXI), Bill Barrett Corporation (NYSE: BBG) Brigham Exploration Company (NASDAQ: BEXP), and Cabot Oil & Gas Corporation (NYSE: COG).
In the research report, Pritchard Capital writes, "GDP ($11.28-B-$22) – Enercom update; Eagle Ford/Buda and Shelby Trough Haynesville/Bossier are drivers. Buda IRR 70% at $80 oil, Eagle Ford 40%. Expect results on first Shelby Trough Haynesville Shale well in East TX to be very good. Possible non-core asset sales by year-end
EXXI ($17.49-B-$22) – Enercom update; moving forward in the ultradeep. Davy Jones, Blackbeard East continue toward TD, near potential pay sands at Blackbeard. Hoping to have Lafitte permit in 2 to 3 weeks. Continued focus on recompletions, workovers, sidetracks in short-term. WLL ($87.03-B-$104) – Enercom update; Williston Basin story remains stellar. Company very upbeat on its new Bakken acreage positions and expects to add more. Announced 4 more solid Sanish Field wells, including best Three Forks well to date. Lewis & Clark discovery well continues its strong performance, 3 more wells are completing. BEXP ($16.61-B-$21) – Enercom update; lots of upside in the Bakken. Adding another half a frac crew this week in Bakken. Lots of science learned from first Montana long lateral, next one spuds in October. First Three Forks well at Rough Rider should be completed in late Sept/early Oct. COG ($29.52-B-$58) – Enercom update. First Purcell Lime well has already had cumulative production over 1 Bcf. Delays in permits from DEP could impede company’s ability to ramp up capacity in Susquehanna.
BBG ($34.99-B-$45) – Enercom update
First Niobrara in Q4 2010– Will complete two Horn Frog Westavaputs Extension wells in September– Will be drilling a horizontal oil well in the Black Shale in Blacktail Ridge."
