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Dundee Securities Reiterates BUY Rating and Target Price for Whitecap Resources

Financial services provider Dundee Securities recently announced that it is reiterating its BUY rating and C$9.25 target price Whitecap Resources (WCP:TSX) in part due to its strong position in the Pembina play in South Central Alberta. The stock now trades for C$7.25.

Dundee said an experienced management team, the best netback, or profit per barrel, among the junior stocks it covers and the fact that Pembina well rates are going up while costs are going down were the reasons for it reiterating its BUY rating.

The oil and gas company's key play is Pembina in West Central Alberta. Whitecap has drilled 18 horizontal wells this year in Pembina and plans to drill another 19 before 2011 is over. Dundee's target price accounts for a well with a 160 boe/d IP rates and total well costs of C$2.6 million.

Whitecap's play in Peace River Arch involves three drilled wells in the Montney Sexsmith formation. The first well required 12 fracs to be completed and averaged 533 boe/d in production over the course of 10 days. The other two wells are planned to be completed over the next two weeks.

WhiteCap Resource's stock  has a 52-week high/low of C$4.10 and C47.60, respectively.  



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