Junior oil and gas company TriOil Resources Ltd. (TOL:TSXV) released a statement on November 6 indicating that its latest Lochend well attained a six-day test rate of 1,320 barrels of oil equivalent per day, consisting of 1,180 barrels of oil and 0.85 million cubic feet of natural gas per day. The company currently owns a 20 percent working interest in the well, which resides in the central area of the trend. TriOil is currently drilling 13 (6.9 net) other wells in this area.

TriOil also added further information on the oil test happening in the western part of the play. The junior oil and gas company revealed that the oil coming from this well is 45° API. Also, TriOil has a total of 49 (30 net) locations in that part of the play.

Canadian brokerage Canaccord Genuity maintained its SPECULATIVE BUY rating and C$3.75 target share price. The C$3.75 target share price is based on a 5.0 times multiple of 2012 EV/DACF and C$1.26 in risked Cardium upside. The SPECULATIVE BUY rating is based on a 2012 capital expenditures program that will require current credit lines to be expanded. Canaccord predicts that the needed credit increases will be easy to obtain due to the previous performance of the company's wells.

TriOil Resources Ltd.'s stock is currently trading at a 4.3 times multiple of EV/DACF and C$54,074 per barrels of oil equivalent based on Canaccord's 2012 estimates. The company's stock closed at C$2.27 on November 9 and hit a 52-week high/low of C$5.87 and C$1.12.