Dutton Associates Announces Investment Opinion: Sky Petroleum Rated Speculative Buy in Updated Initial Report by Dutton Associates
EL DORADO HILLS, Calif., Mar 30, 2007 (BUSINESS WIRE) -- Dutton Associates updates its coverage of Sky Petroleum Inc. (OTCBB:SKPI), revising its rating from Strong Speculative Buy to Speculative Buy and setting a 12-month price target of $1.25. The 24-page report by Dutton Associates senior analyst Richard R. Wolfe, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, and Knobias and other leading financial portals. Sky Petroleum, an independent exploration and production company established in 2004 to pursue international opportunities, has, uniquely among U.S.-listed independent E&P companies, succeeded in obtaining access to an attractive combination of drilling opportunities in the Middle East. The Company is participating in a potential six-well development-drilling program in the Arabian Gulf, which should yield positive cash flow and profitability before the end of 2007. Subsequently, Sky has access to an exploratory opportunity, also in Gulf waters (offshore United Arab Emirates) that potentially may share the characteristics of a nearby major oilfield of key Gulf producer Abu Dhabi.