C.K. Cooper Reiterates Evolution Petroleum Buy, $10 PT

C.K. Cooper reiterated its Evolution Petroleum

Buy rating and $10 price target in a research report published today. In the report, C.K. Cooper states, " EPM reported a positive operational performance for fiscal year 2011 (ending 6/30/11). Total reserves grew by 11.5% to 13.8 MMBOE and PV-10 value increased by 41% to $375 MM. The big story here was the increase in proved developed reserves at the Delhi Field from 0.6 MMBOE to 4.9 MMBOE and the shortening of the estimated reversionary payoff date by 2.5 years at Delhi Field, from 2016 to 2013. We think this enhances the asset profile for EPM's interest in Delhi Field, affirming the quality of the asset and shortening the time to production." Shares of Evolution Petroleum were trading at $6.69 at the time of posting, up 3.08% from Wednesday's market close.