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Cimarex Expects Production Increase Through 2011

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Cimarex Energy, Inc. (NYSE: XEC) has strong cash flow, and shows a current inventory of 12-15 Gulf Coast wells, 12 rigs in the Permian Basin (up from 7) and 8 rigs in the Midcontinent, which Dahlman Rose expects to increase production up to 30% y/y in 2010, and an additional 8% in 2011.

Dahlman reiterates its "buy" rating, as valuation remains very attractive and its price target at $85.

Cimarex Energy, Inc. closed yesterday at $69.05.

 

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