Index Oil and Gas (CE) (USOTC:IXOG)
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Dutton Associates updates its coverage of Index Oil and Gas (OTCBB:IXOG)
maintaining a Speculative Buy rating and a 12-month $1.80 price target.
The 14-page report by Dutton senior analyst Richard R. Wolfe, CFA, is
available at www.jmdutton.com, and
at First Call, Bloomberg, Reuters, Zacks, Knobias, and other leading
financial portals.
Index Oil and Gas is a recently established oil and gas exploration and
production company with producing properties in Texas, Louisiana, and
Kansas. Dutton Associates estimates indicate substantially higher oil
and gas revenues during the Company’s fiscal
year ending March 31, 2008, followed by substantial growth of
discretionary cash flow in subsequent years. The Company has a
successful drilling track record and is guided by a carefully crafted
operational strategy with a sophisticated risk-management system. Our
rating is based on our confidence in the Company’s
business plan and in the strength of the experienced management team,
coupled with an expectation of strong cash-flow growth and an industry
outlook calling for favorable crude-oil and natural-gas product markets.
We are maintaining the 12-month price target of $1.80 per share
established in our initial report of April 9, 2007. As of March 31,
2007, estimated total proved oil and gas reserves were approximately
115,000 barrels of oil equivalent (MBOE), compared to approximately
59,500 barrels one year earlier, a 92.6% increase. The majority of the
reserve growth came from the Company’s South
Texas interests. Reserves consisted of approximately 24,000 barrels of
oil and 541 million cubic feet (MMcf) of natural gas. Approximately
113,000 barrels (99%) of proved reserves were classified as proved
developed and proved behind pipe.
About Dutton Associates
Dutton Associates is one of the largest independent investment research
firms in the U.S. Its 31 senior analysts are primarily CFAs and have
expertise in many industries. Dutton Associates provides continuing
analyst coverage of over 140 enrolled companies, and its research,
estimates, and ratings are carried in all the major databases serving
institutions and online investors.
The cost of enrollment in the Dutton Associates one-year continuing
research program is US $35,000 prepaid for 4 Research Reports, typically
published quarterly, and requisite Research Notes. Dutton Associates
received $35,000 from the Company for 4 Research Reports with coverage
commencing on 4/09/2007. Dutton Associates does not accept payment of
any of its fees in company stock. Its principals and analysts are
prohibited from owning or trading in securities of covered companies.
The views expressed in this research report accurately reflect the
analyst's personal views about the subject securities or issuer. Neither
the analyst's compensation nor the compensation received by us is in any
way related to the specific ratings or views contained in this research
report or note. Please read full disclosures, and analyst background at www.jmdutton.com
before investing.