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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (100805)	5/13/2008 4:35:05 PM
From: Ed Ajootian	Read Replies (2) \| Respond to of 206084

Endeavor International (END : AMEX : US$1.68) - Buy - Target: US$3.50 Irene Haas [Cannacord Adams] Comment: On track to drill seven wells; maintaining BUY rating and $3.50 target price Endeavour International reported fully diluted "clean" EPS/CFPS results for Q1/08 of ($0.02) and $0.19, respectively, below consensus of $0.03 and $0.20. While production volume was 10,128 boepd, higher than the 8,180 boepd produced during the fourth quarter of 2007, sales volume was 8,796 boped due to timing of lifting, which was lighter than our estimate of 9, 861 boepd. This accounted for most of the negative variances. Operationally, the company is doing well. Endeavour started its drilling campaign for 2008, mostly with the lower working interest wells in Norway; the UK wells are slated to begin drilling during the second half of the year. Endeavour is sticking with the game plan and we expect the company to execute, and with time we expect multiple expansion for this stock in the coming year. Our $3.50 target price is based on three times our 2009 cash flow per share (diluted) estimate of $1.15. Our price target is consistent with our break up value estimate of $3.68. Next Catalyst: Results from the Galtvort exploration well in Norwegian Production License 348, which recently spud; working interest is 7.5%. *************************************************************** Compliments of Oilster on the IV board. These low-priced microcaps can go through some pretty wild swings, percentage-wise, in short timeframes. The Amex specialists are notorious for wimping out when they see big market sell orders, such as what happened this morning (more than likely, IMO). These swings are especially the case when the company is not really being followed very closely by any of the analysts. Irene, as shown above, is covering them, but she has missed the next catalyst, which tells me she's not really paying a lot of attention to this company. Well before Galtvort results, the next catalyst will be the Tristone hype show on Thursday. In addition to END presenting there, the operator of Columbus, Serica, is presenting at Tristone about 2 hours before END is, see tristonecapital-ls.webex.com (click on the last line of the table and a window will open up). I can't wait to see their presentation, they should be giving a lot of info on the Columbus project there, and lay out the new accelerated develop plan for that.