UPDATE: CK Cooper Raises Target on GeoResources to $39

CK Cooper raises its price target to $39 from $32 on GeoResources

as the company reports strong year-end reserve growth. CK Cooper notes, " 2011 reserves grew by 22% and before-tax PV-10 increased by 63%, with a significant portion of the increase coming from development of the firm's operated Eagle Ford and Bakken leasehold. Additionally, the company reported improvement in early production rates in the Eagle Ford development program from two new wells. The better Eagle Ford well performance is attributable to a new frack design, where the company changed from a water-based frack fluid to a gel-based fluid and used larger proppant. The reserve growth and better Eagle Ford production rates help affirm the economics of prospects in GEOI's two main growth areas." GEOI closed at $31.58 a share yesterday.