Wellington West Initiates Coverage of CWV

KEVIN SHAW, Wellington West Capital Markets (01/04/2011)
"Emerging pure-play Argentina company poised to evaluate significant resource upside. . .high-impact plays complement development locations on. . .225,000 net acres over 3 operated blocks in the prolific San Jorge and Neuquén basins with net recoverable potential ~150 Mboe.

Up to 15-well program in 2011; focus on oil production and reserve growth; plan to drill 8–12 lower-risk oil development wells on flagship El Valle concession plus 3 or more high-impact exploration targets on other blocks. . .Initiating coverage with a Speculative Buy rating and $2.85 target price."

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