Oil & Gas - Exploration & Production Recommendations

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."

Pan Orient Energy Corp.

The Energy Report with Chen Lin (4/2/15) "POE received very good fiscal terms; it has a very good location, is land-based and cheap to drill."

Mart Resources Inc.

The Energy Report with Chen Lin (4/2/15) "MMT's buyer knows the project very well."

Blackbird Energy Inc.

David Ricciardi, Mackie Research Capital (4/1/15) "BBI's Q2 FY15 results were in line with our expectations."

Madalena Energy Inc.

Shareholders Unite, Seeking Alpha (4/1/15) "MVN has a net 132,000 acre position in Vaca Muerta."

Blackbird Energy Inc.

Michael Zuk, Beacon Securities Ltd. (4/1/15) "BBI presents an interesting entry point for long-term investors."

Royal Dutch Shell Plc

The Value Portfolio, Seeking Alpha (3/30/15) "At its current price, RDS represents a good investment."

Pan Orient Energy Corp.

Bill Newman, Mackie Research Capital (3/25/15) "POE stock is trading below its cash value."

Rock Energy Inc.

Chad Ellison, Dundee Capital Markets (3/20/15) "We continue to favor RE."

Darrell Bishop, Haywood Securities (3/20/15) "We believe oil prices will increase in H2/15 and bring investors back to RE."

Trevor Reynolds, Acumen Capital Research (3/20/15) "We maintain a Buy recommendation on RE."

Thomas Matthews, Alta Corp Capital (3/20/15) "RE's polymer flood should provide investors with confidence."

Ken Lin, Paradigm Capital (3/20/15) "RE stands out among other junior oil companies."

David Ricciardi, Mackie Research Capital (3/20/15) "RE drilled 75 wells at an average success rate of 92% in 2014."

Madalena Energy Inc.

Power Hedge, Seeking Alpha (3/19/15) "MVN could be an acquisition target or a major opportunity for an investor."

Hemisphere Energy Corp.

David Ricciardi, Mackie Research Capital (3/19/15) "We are initiating coverage on HME with a Buy recommendation."

East West Petroleum Corp.

M Partners (3/18/15) "Following pressure and temperature analysis, EW's Cheal-E2 well will be placed on permanent production."

Royal Dutch Shell Plc

Stock Gazer, Seeking Alpha (3/18/15) "RDS' investment budget and future growth prospects seem intact."

Hemisphere Energy Corp.

Michael Charlton, Industrial Alliance Securities (3/11/15) "HME's drilling in 2014 increased Proven developed producing reserves by 74%."

Pan Orient Energy Corp.

Bob Moriarty, 321 Gold (3/9/15) "POE has $1.37M cash and by Q1/15E will have $1.76M in working capital."

Royal Dutch Shell Plc

Fadel Gheit, Oppenheimer & Co. (3/8/15) "RDS is taking actions to preserve financial flexibility."

Blackbird Energy Inc.

The Energy Report Interview with Steve Palmer (3/5/15) "BBI has just finished drilling two high-impact wells; its odds of success are quite high."

Pan Orient Energy Corp.

Bill Newman, Mackie Research Capital (3/4/15) "The best case resource estimate of POE's Sawn Lake is unchanged."

Bill Newman, Mackie Research Capital (3/3/15) "Thailand Concession L53, 50% owned by POE, has significant resource upside."