Analyst Chad Mabry of Rodman & Renshaw raised the exploration and production company's price target to $29 from $27, saying Northern Oil and Gas's proved reserves of 34.8 million barrels of oil equivalent as of July 31 is more than double from the end of 2010.
Analyst Chad Mabry of Rodman & Renshaw raised the exploration and production company's price target to $29 from $27, saying Northern Oil and Gas's proved reserves of 34.8 million barrels of oil equivalent as of July 31 is more than double from the end of 2010. "We had been forecasting the company to grow its reserves by about 80 percent by year-end 2011, so this really topped expectations," he wrote.
Northern Oil and Gas rises on reserves - BusinessWeek
Analyst Chad Mabry of Rodman & Renshaw raised the exploration and production company's price target to $29 from $27, saying Northern Oil and Gas's proved reserves of 34.8 million barrels of oil equivalent as of July 31 is more than double from the end of 2010. "We had been forecasting the company to grow its reserves by about 80 percent by year-end 2011, so this really topped expectations," he wrote.
Forklift Oil Tank manufacturing facility.
Mabry said Northern Oil and Gas continues to benefit from increasing activity in the Williston Basin Bakken/Three Forks in North Dakota, where the rig count is at a record high.Exporter of Hookloader Oil Tank
Northern Oil and Gas rises on reserves - BusinessWeek
