Sky Petroleum Inc
Dutton Associates Announces Investment Opinion: Sky Petroleum
Maintained at Strong Speculative Buy Rating by Dutton Associates
NOTE TO EDITORS: The following is an investment opinion issued
by Dutton Associates EL DORADO HILLS, Calif.--(BUSINESS WIRE)--June 23, 2006 Dutton Associates updates its coverage of Sky Petroleum (OTCBB:SKPI) maintaining a strong speculative buy rating and a 12 month price target of $2.70. The 10-page report by Dutton senior analyst Richard R. Wolfe, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.
Since our initial report of November 17, 2005, Sky Petroleum Inc. (Sky) has evidenced substantial progress in its two-well initial drilling program in the Mubarek Field offshore the United Arab Emirates (UAE), where the Company is party to an international oil and gas participation agreement. Drilling of the first of two fully paid-for development wells has been concluded by Crescent Petroleum Company International Limited (Crescent), the operator of the Mubarek Field, and at last report (June 21) Crescent was engaged in well monitoring and control efforts aimed at boosting lower-than-expected initial flow rates. At the close of the first quarter, the Company held approximately $7.5 million in cash and liquid investments after satisfying the last of its required payments for the two-well initial Mubarek program. Funding should be more than sufficient for working capital needs and to begin a planned exploration program in the vicinity of Sir Abu Nu'Ayr Island, where Sky's participation agreement gives it the right of first refusal on a second oil and gas concession held by Crescent for exploratory purposes.
About Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.
The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 11/17/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
CONTACT: Dutton Associates, LLC John M. Dutton, 916-941-8119
Last Updated: June 23, 2006 12:05 EDT
Dutton Associates Announces Investment Opinion: Sky Petroleum
Maintained at Strong Speculative Buy Rating by Dutton Associates
NOTE TO EDITORS: The following is an investment opinion issued
by Dutton Associates EL DORADO HILLS, Calif.--(BUSINESS WIRE)--June 23, 2006 Dutton Associates updates its coverage of Sky Petroleum (OTCBB:SKPI) maintaining a strong speculative buy rating and a 12 month price target of $2.70. The 10-page report by Dutton senior analyst Richard R. Wolfe, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.
Since our initial report of November 17, 2005, Sky Petroleum Inc. (Sky) has evidenced substantial progress in its two-well initial drilling program in the Mubarek Field offshore the United Arab Emirates (UAE), where the Company is party to an international oil and gas participation agreement. Drilling of the first of two fully paid-for development wells has been concluded by Crescent Petroleum Company International Limited (Crescent), the operator of the Mubarek Field, and at last report (June 21) Crescent was engaged in well monitoring and control efforts aimed at boosting lower-than-expected initial flow rates. At the close of the first quarter, the Company held approximately $7.5 million in cash and liquid investments after satisfying the last of its required payments for the two-well initial Mubarek program. Funding should be more than sufficient for working capital needs and to begin a planned exploration program in the vicinity of Sir Abu Nu'Ayr Island, where Sky's participation agreement gives it the right of first refusal on a second oil and gas concession held by Crescent for exploratory purposes.
About Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.
The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 11/17/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
CONTACT: Dutton Associates, LLC John M. Dutton, 916-941-8119
Last Updated: June 23, 2006 12:05 EDT
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