UPDATE: CK Cooper Initiates Coverage on Midstates Petroleum Company with a Buy

In a report published on Wednesday, CK Cooper analyst Jeff Grampp initiated coverage on Midstates Petroleum Company

with a Buy rating and an $11 price target. In the report, Grampp stated, "The Company estimates it has over 1,500 drilling locations on its Mississippi Lime and Anadarko Basin properties, the majority of which are MPO operated, providing it with ample running room in the Mid-Continent. MPO holds 80,400 net acres in the core of the Mississippi Lime play in Woods and Alfalfa Counties, Oklahoma and 140,000 net acres in the Anadarko Basin of Oklahoma and Texas. Both acreage positions are mostly de-risked and offer lower-risk horizontal drilling opportunities with solid IRR's in the two plays, which range from 30% to over 100%." Midstates Petroleum Company closed on Wednesday at $5.99.