Oil & Gas - Exploration & Production Recommendations

Royal Dutch Shell Plc

Ray Merola, Seeking Alpha (8/28/15) "The probability of an RDS dividend cut is highly unlikely."

Madalena Energy Inc.

Darrell Bishop, Haywood Securities (8/27/15) "MVN offers the lowest oil price risk among Canadian producers."

Michael Charlton, Industrial Alliance Securities (8/27/15) "MVN's Q2/15 average production, an 11% QOQ increase, was in line."

Bill Newman, Mackie Research Capital (8/27/15) "MVN reported Q2/15 production in-line with our forecast."

David Dudlyke, Dundee Capital Markets (8/26/15) "MVN's Q2/15 production benefited from strong results at the Loma Montosa well."

Royal Dutch Shell Plc

Pim Keulen, Seeking Alpha (8/24/15) "RDS is outperforming its major U.S. oil and gas competitors."

Pan Orient Energy Corp.

Chen Lin, What Is Chen Buying? What Is Chen Selling? (8/21/15) "POE and Canacol Energy are the best energy stocks for this downturn."

Hemisphere Energy Corp.

Michael Charlton, Industrial Alliance Securities (8/20/15) "HME's prudent and calculated approach to its capital program appears to be paying off."

David Ricciardi, Mackie Research Capital (8/20/15) "The credit facility renewal reflects the strength of HME's current asset."

Pan Orient Energy Corp.

Chen Lin, What Is Chen Buying? What Is Chen Selling? (8/20/15) "POE's upcoming Indonesian well has an extremely high chance of success."

BNK Petroleum Inc.

Brian Bagnell, Macquarie Capital Markets (8/14/15) "BKX's operating costs per barrel have dropped by ~34% YOY."

Pan Orient Energy Corp.

Bill Newman, Mackie Research Capital (8/12/15) "POE maintains a strong balance sheet with no debt and positive working capital of $87M."

WesternZagros Resources Ltd.

FirstEnergy Capital (8/5/15) "WZR's Q2/15 production from the Sarqala-1 well averaged 5,427 bbl/d."

Manitok Energy Inc.

The Energy Report Interview with Randall Abramson (8/4/15) "We are enamored with MEI."

Pan Orient Energy Corp.

Bill Newman, Mackie Research Capital (8/4/15) "POE's 250 MMbbl Anggun prospect is a company maker play if successful."

Royal Dutch Shell Plc

Fadel Gheit, Oppenheimer & Co. (8/3/15) "RDS' Q2/15 benefited from strong downstream results."

Hemisphere Energy Corp.

David Ricciardi, Mackie Research Capital (7/28/15) "The maintenance of HME's credit facility reflects the strength of the company's current asset."

Royal Dutch Shell Plc

RBC Capital Markets (7/16/15) "We recently upgraded RDS to Outperform."

Pan Orient Energy Corp.

The Energy Report Interview with Bill Newman (7/14/15) "The real upside in POE's story in the near term is exploration drilling in Indonesia."

Madalena Energy Inc.

The Energy Report Interview with Bill Newman (7/14/15) "If MVN can repeat its success with the Loma Montosa, we see a lot of potential production additions in 2016."

Pan Orient Energy Corp.

Bill Newman, Mackie Research Capital (7/2/15) "For the remainder of 2015, POE plans to spend ~$6M on drilling."

Royal Dutch Shell Plc

Ray Merola, Seeking Alpha (7/1/15) "RDS's new CEO is taking bold steps."

Pan Orient Energy Corp.

Chen Lin, What Is Chen Buying? What Is Chen Selling? (6/30/15) "Each of POE's projects can be worth more than the company's market cap."

Royal Dutch Shell Plc

Trefis (6/26/15) "RDS' downstream EBITDA margin should increase to 2.5% in the long run."

Blackbird Energy Inc.

Chad Ellison, Dundee Capital Markets (6/26/15) "Potential clarity on infrastructure timing will be catalysts for BBI stock."

Darrell Bishop, Haywood Securities (6/26/15) "We continue to like BBI stock's risk/reward."

David Ricciardi, Mackie Research Capital (6/26/15) "Having disposed of non-core assets, BBI is focused on Elmworth."

Hemisphere Energy Corp.

Josef Schachter, Maison Placements (6/25/15) "We are introducing coverage on HME with a Buy rating."

Manitok Energy Inc.

Daniel Choi, Clarus Securities (6/18/15) "MEI's post-acquisition asset base is compelling."

Chad Ellison, Dundee Capital Markets (6/17/15) "MEI's Wayne acquisition makes it a lower-risk company going forward."

Blackbird Energy Inc.

Darrell Bishop, Haywood Securities (6/10/15) "We are initiating coverage on BBI with a Buy rating."

Etienne Moshevich, Alphastox.com (6/9/15) "The Q3/15 drill program should be seen as a major catalyst for BBI."

Manitok Energy Inc.

Chad Ellison, Dundee Capital Markets (6/8/15) "MEI's Wayne acquisition adds key infrastructure, 1,800 boe/d of production and low risk drilling."

Chad Ellison, Dundee Capital Markets (6/2/15) "We believe MEI's risk profile is beginning to shrink, we expect the valuation gap to follow suit."

Brian Bagnell, Macquarie Capital Markets (6/2/15) "We reiterate our Outperform rating for MEI."

Madalena Energy Inc.

David Dudlyke, Dundee Capital Markets (6/1/15) "MVN's Q1/15 production of 3,586 boe/d beat our estimates by 10%."

Darrell Bishop, Haywood Securities (5/29/15) "MVN's Q1/15 production was in line with our estimate and consensus."

Bill Newman, Mackie Research Capital (5/29/15) "MVN's Loma Montosa and Sierras Blancas wells are exceeding expectations."

Michael Charlton, Industrial Alliance Securities (5/29/15) "North American technology will be key to MVN unlocking unconventional plays."

Hemisphere Energy Corp.

Michael Charlton, Industrial Alliance Securities (5/28/15) "HME's focus on optimization and balance sheet strength is paying off."

David Ricciardi, Mackie Research Capital (5/28/15) "HME has been successful in its cost reduction strategies."

Royal Dutch Shell Plc

The Energy Report Interview with Brian Hicks (5/26/15) "We're very encouraged by RDS's acquisition of BG Group. We feel it strategically places the company very well."

BNK Petroleum Inc.

The Energy Report Interview with Brian Hicks (5/26/15) "In a normalized pricing environment, BKX could double from where it is now."

Pan Orient Energy Corp.

Bill Newman, Mackie Research Capital (5/25/15) "We estimate POE's net positive working capital increased to ~$91.7M."

Mart Resources Inc.

FirstEnergy Global Research (5/22/15) "Sidetracking and deepening of MMT's UMU-8 well encountered 562 feet of gross hydrocarbon pay."

Blackbird Energy Inc.

Dan Payne, National Bank Financial (5/20/15) "BBI's summer drill program will focus on delineating Elmworth Montney."

David Ricciardi, Mackie Research Capital (5/20/15) "BBI's new, third Montney well will help delineate the acreage."

Atlas Resource Partners L.P.

Kevin Smith, Raymond James (5/19/15) "ARP's small acquisition is roughly breakeven on a cash flow basis."

Royal Dutch Shell Plc

Fadel Gheit, Oppenheimer & Co. (5/18/15) "RDS announced a merger with BG to create the world's largest LNG firm."

Mart Resources Inc.

FirstEnergy Capital (5/18/15) "MMT's cash flows in Q1/15 from operating activities were $17.9M."

BNK Petroleum Inc.

Jamie Somerville, TD Securities (5/15/15) "BNK successfully fracked the Nickel Hill 36-3H well and 12 additional stages in the Emery 17-1H well."

Michael Charlton, Industrial Alliance Securities (5/15/15) "Early results from BKX's Caney wells continue to be encouraging."

Stacey McDonald, GMP Securities (5/15/15) "We maintain our Buy rating on BKX."

Brian Bagnell, Macquarie Capital Markets (5/13/15) "Lower decline rates and well costs can materially improve per-well economics for BKX."

Royal Dutch Shell Plc

The Energy Report Interview with Angelos Damaskos (5/12/15) "RDS got BG at a very attractive price."

Atlas Resource Partners L.P.

John Ragozzino, RBC Capital Markets (5/12/15) "We view ARP's decision to delay projects to later this year as prudent."

Manitok Energy Inc.

Daniel Choi, Clarus Securities (5/4/15) "MEI now controls ~437 net sections of rights in Entice/Wayne."

Chad Ellison, Dundee Capital Markets (5/4/15) "We are upgrading our recommendation on MEI from Neutral to Buy."

Royal Dutch Shell Plc

Fadel Gheit, Oppenheimer & Co. (4/30/15) "RDS's Q1/15 earnings benefited from strong refining and trading results."

Madalena Energy Inc.

Bill Newman, Mackie Research Capital (4/28/15) "MVN will continue to focus on the appraisal of four resource plays."

Royal Dutch Shell Plc

Trefis (4/28/15) "We expect RDS' downstream margins to receive a significant boost."

Manitok Energy Inc.

The Energy Report with Randall Abramson (4/23/15) "MEI has a long runway of growth ahead."

Hemisphere Energy Corp.

Michael Charlton, Industrial Alliance Securities (4/23/15) "HME's Q4/14 production increased 56% annually to 886 boe/d."

David Ricciardi, Mackie Research Capital (4/22/15) "HME continues to generate positive cash flow as a result of low operating costs."

Madalena Energy Inc.

Darrell Bishop, Haywood Securities (4/20/15) "Over the longer term, we see MVN as the best way to play Argentina."

Royal Dutch Shell Plc

Pavel Molchanov, Raymond James (4/20/15) "RDS has committed to keeping its dividend in 2016E unchanged."

Blackbird Energy Inc.

John Clarke, Octagon Capital Corporation (4/20/15) "BBI may have the potential for over 500 MMBoe liquids-rich reserves."

Madalena Energy Inc.

Michael Charlton, Industrial Alliance Securities (4/20/15) "MVN is well positioned to continue advancing four high-impact plays in Argentina."

Bill Newman, Mackie Research Capital (4/17/15) "MVN's four major resource plays could add substantial value in 2015."

Blackbird Energy Inc.

Geoff Ready, Dundee Capital Markets (4/17/15) "We are initiating coverage of BBI with a Buy recommendation."

Royal Dutch Shell Plc

Pavel Molchanov, Raymond James (4/14/15) "RDS is becoming an LNG behemoth with the addition of BG's 7 Mt/year."

Stock Gazer, Seeking Alpha (4/10/15) "RDS has come to an agreement to acquire BG Group for $70B."

Pan Orient Energy Corp.

Bill Newman, Mackie Research Capital (4/9/15) "POE's Q4/14 average production was in line with our estimate."

Madalena Energy Inc.

Geoff Ready, Dundee Capital Markets (4/9/15) "Test production on MVN's MPS-1135(h) well was 2,140 bbl oil plus gas."

Royal Dutch Shell Plc

Stephane Foucaud, FirstEnergy Capital (4/9/15) "RDS' purchase of BG Group will boost investor confidence."

Madalena Energy Inc.

Michael Charlton, Industrial Alliance Securities (4/8/15) "MVN's PMS-1135(h) well flowed 860 boe/d (56% oil) during 24 hours."

Darrell Bishop, Haywood Securities (4/8/15) "860 boe/d from MVN's PMS-1135 is a very encouraging initial result."

Bill Newman, Mackie Research Capital (4/8/15) "MVN announced positive production test results from two wells."

Blackbird Energy Inc.

Ken Lin, Paradigm Capital (4/8/15) "We are initiating coverage of BBI with a Speculative Buy recommendation."

Royal Dutch Shell Plc

Stock Gazer, Seeking Alpha (4/7/15) "RDS' Singapore plant now should boost production by 20% post upgrade."