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Gold/Mining/Energy : The New Osprey Limited -- Ignore unavailable to you. Want to Upgrade?

To: russet who wrote (171)	8/13/2001 3:49:58 PM
From: The Osprey	Read Replies (1) \| Respond to of 338

THE DAILY NEWS Thursday, August 9, 2001 Stock analysts bullish about Bridgewater's Osprey Energy By JOHN McLEOD -- Money editor BRIDGEWATER-BASED Osprey Energy Ltd. is becoming the darling of energy analysts, with yet-another upbeat report released this week by QIS Capital. It calls Osprey "a dynamic international emerging oil and gas company with substantial proven reserves, accelerating production, profit and several high-potential exploration projects." QIS, which was one of the first oil-industry watchers to write about Osprey last November when the stock was around 60 cents a share, appears to have jumped back in because of a widening belief that there's still more upside beyond the 95-cent range it is trading in this week. Its report points to favourable coverage, including a mid-July analysis by Michael Evans for The Richmond Club Small-cap Equity Research that gave Osprey stock a short-term target of $1.55 and a medium-term forecast of $2.60. It also notes that late May, independent analyst David Heden issued a report with a fiscal 2002 (June 30 year end) forecast cash flow of $11 million or $1.16 a share. The QIS analyst likes Osprey's numbers, which include a 632 per cent increase in revenues (to $1.9 million) and a 793 per cent jump in profit (to $804,820) in the past nine months. It also notes the company is forecasting it will double its production of 950-1,000 barrels a day of oil from its Louisiana properties by the end of next June. The jewel of Osprey's Louisiana holdings appears to be the 12-well Cotton Valley project, where six wells are producing. QIS reports the project was purchased by Osprey for just $1 million US, but its worth has been pegged in an independent analysis at $29 million US. The report also likes three exploration projects Osprey has stakes in: In north-central Alberta, seismic studies by a major international oil company indicates a potential of about one trillion cubic feet of natural gas. Drilling on the property, in which Osprey has a 21 per cent interest, will begin in late fall. The company has a 15 per cent stake, with an option to acquire 10 per cent more, in an onshore exploration permit covering 89,000 acres around Debert and Parrsboro. Preliminary seismic data shows a potential reserve of 75,000 barrels of oil and 345 billion cubic feet of natural gas. Earlier this month Osprey announced it has acquired a 10 per cent stake, with an option to acquire 15 per cent more, in a big natural gas and coal-bed methane exploration play on Prince Edward Island. This report isn't forecasting where Osprey's stock price is going to end up, but it makes no bones about the fact it considers it a good buy in its current price range.