UPDATE: CK Cooper Raises Target on Evolution Petroleum to $11

CK Cooper maintains its Buy rating on Evolution Petroleum EPM and raises its price target by $1 to $11 on continued strong performance at the company's Delhi Field. CK Cooper says, "Positive developments at Delhi Field continued in 2Q12, as Denbury Resources DNR, the Field operator, accelerated development activities; oil price realizations reached $115/BBL; water injection lowered CO2 costs and improved profitability; and the production performance was better-than-expected. These events will likely accelerate the payout threshold for EPM's 24% reversionary working interest, allowing the firm to realize the benefit of this asset sooner. The June 30, 2011 reserve report estimates that DNR will reach the payout threshold in November 2013, based on a $94.81/BBL oil price." EPM closed at $9.33 a share on Thursday.