UPDATE: C.K. Cooper Reiterates Buy Rating, Lowers PT on Voyager Oil & Gas

In a report published earlier today, C.K. Cooper & Company reiterated its Buy rating on Voyager Oil & Gas, Inc. VOG, but slightly lowered its price target from $4.00 to $3.00 related to the company's recently-announced agreement to acquire Emerald Oil. C.K. Cooper went on to say in the report that, “Overall, we think the merger is a positive development for VOG. As the company eventually transforms itself into an operator, we believe the firm will earn a higher premium on its undeveloped acreage and drilling prospects. In the near term, however, the company may have to address liquidity issues related to Emerald's debt, which matures in November according to company filings. Additionally, VOG cut back its development program from six net non-operated wells in 2012 and 10 net non-operated wells in 2013 to 2.5 net operated and 1.1 net non-operated wells over the next 12 months. The company plans to drill its first non-operated well in early 2013.” Shares of Voyager Oil & Gas were trading at $1.70 at the time of posting, up 1.19 percent from Tuesday's market close.