RE's Results Are In

ROBERT FITZMARTYN, First Energy Capital (11/23/2010)
"After coming off research restriction from the company's most recent $10 MM flow-through equity financing, we have provided a re-cap of the company's Q310 results and have updated our estimates moving forward.

Rock has currently identified 150 drilling locations and 40-50 recompletion candidates in the Plains area. In addition, the company has over 300 potential horizontal locations at Elmworth with plans to drill up to six more vertical test wells and one to two horizontal wells by the end of 2011 to further prove up the play.

We have elected to maintain our target price of $5.75 per diluted share, and Outperform ranking noting Rock has a liquids composition that accounts for ~80% of its revenue stream, clearly less sensitive to a pressured natural gas pricing complex, which is attractive."

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