Thursday, February 17, 2011

Canaccord Genuity Releases Research on Pioneer Natural Resources

Canaccord Genuity released a research report on Pioneer Natural Resources today titled "Drill Baby, Drill!" in reference to its Permian Bain play. Canaccord believes that "the Permian Basin is the most underappreciated basin in the Lower 48." Pioneer's exploration and Canaccord's report continues to highlight attention to the Wolfberry and Wolfcamp trends which is referred to as a "world-class" oil play.

Of note, the report states that the Wolfcamp Oil Shale trend may span a 19 county area of West Texas. Should this trend extend to Lynden Energy's Mitchell Ranch, Lynden could be on to something big with their 50% interest in over 100,000 acres.

Besides the Wolfcamp and Wolfberry intervals, Pioneer also believes that the Strawn and Atoka intervals could be prospective.

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