However, as capital has been reallocated, RECV has drilled its first Niobrara well and is currently drilling its second, ahead of our forecasted drilling schedule. Results toward the end of 2Q11 should be pivotal to the RECV story. We are maintaining our Accumulate rating and $4.20 price target predicated on 36.6x 2011 and 12.1x 2012 EBITDA and j 52% byspab emhkf.
The slow recovery is speeding up
However, as capital has been reallocated, RECV has drilled its first Niobrara well and is currently drilling its second, ahead of our forecasted drilling schedule. Results toward the end of 2Q11 should be pivotal to the RECV story. We are maintaining our Accumulate rating and $4.20 price target predicated on 36.6x 2011 and 12.1x 2012 EBITDA and j 52% byspab emhkf.