UPDATE: CK Cooper & Company Initiates Magellan Petroleum Corporation at Buy on CO2 Upside Potential

CK Cooper & Company initiated Magellan Petroleum Corporation MPET with a Buy rating and a $1.50 price target. CK Cooper & Company said, "We are initiating coverage on Magellan Petroleum Corporation, MPET a micro-cap E&P with an operational focus in the U.S. and large international exploratory acreage positions in Australia and the U.K., with a BUY rating and a price target of $1.50. Since acquiring its initial interests in the Poplar Field in 2009, the Company is focused on a conventional primary exploitation program, which includes various workover activities with additional upside in a CO2 flood development program. The Company operates the majority of its assets and currently has a strong balance sheet to execute its development strategy." Magellan Petroleum Corporation closed at $1.08 on Wednesday.