UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Emerald Oil on Successful Transition

In a report published Friday, Canaccord Genuity analyst Stephen Berman reiterated his Buy rating on Emerald Oil

, and slightly raised his price target from $10.50 to $11.00. In the report, Berman noted, “EOX is transitioning to an emphasis on operated drilling in the Williston Basin (WB) Bakken/Three Forks (TF) play in McKenzie/Dunn Counties of North Dakota. We believe EOX's successful transition to a balanced operated/non-operated model will act as a strong catalyst for the stock. Thus far, EOX has shown itself fully capable of transitioning to operatorship, and much anticipated 30-day rates for its initial three wells in McKenzie County should be made available in May. Four wells from a neighboring operator have averaged 30-day rates of ~680 Boe/d with EURs approaching 600-700 MBoe (EOX is only utilizing a 475 EUR assumption in its 2.6 MBoe/d exit rate guidance). Given its recent success in converting acreage, we expect net operated acreage to exceed guidance of 20K acres by year end.” Emerald Oil closed on Thursday at $7.02.