Mart Resources Inc MAUXF

Cormark upgrade

[oiljack14]

* just the beginning!

 

The first and deepest sands to be tested in the UMU-10 well, XXI, flowed at 1,943 B/d of light (55.3º API) crude oil through a 28/64” choke with 1,260 psi of tubing pressure during clean-up. Five intervals (six sands) targeted in UMU-10 have now been perforated and completed with four flow tests remaining (two sands will be comingled). The success with UMU-10 reinforces our belief that Mart will be able to materially increase volumes later this year following a pipeline deal with Shell and add significant new reserves in 2013. We continue to view Mart as one of the most attractive names in our universe with further material catalysts expected near term. Trading at 4.0x 2013 EV/DACF with a 10.9% yield and strong balance sheet, Mart should appeal to every investor class. We reiterate our TOP PICK rating and are increasing our target price on Mart to $2.75 from $2.50 previously

[billythekidd]

Beacon house on the buy !  

[Martman1]

Further to your comments oiljack I noted in the Guidance/Estimates section on page 3 the Cormark analyst states that in his estimates for 2013, which is the basis for the increase in the target price to $2.75, he is giving no value to increased capacity through the expected Shell pipeline so that once that is publically announced we will see a futher upward re-evalutation. "We would note