UPDATE: Global Hunter Securities Downgrades Voyager Oil & Gas to Neutral on Financing Overhang

Global Hunter Securities reduced its rating on Voyager Oil & Gas

from Buy to Neutral and lowered its price target from $3.50 to $2.50. Global Hunter Securities said, "We believe VOG has a tremendous asset set from which it can grow production, reserves and EBITDA at a rate over 100% in 2013. However, in order to achieve this, we estimate that the company will need to access approximately $50MM in new capital. Once this occurs and the form of such financing is known, the share price will more than likely find a bottom as investor interest returns. Until then, we would remain patient and wait to get aggressive until after such details emerge." Voyager Oil & Gas closed at $1.28 on Monday.