Although we're off to a slow start since the stock began trading, here's the first page narrative from CIBC's recently released analyst report. The stock is rated Sector Outperformer with a $3.00 price target. GLTA



Raging River Exploration Inc.

Revised Estimates Following East Dodsland Acquisition And Financing

? We provide revised estimates following close of a recent financing, whereby RRX issued 17.5 million special warrants at $2.00/warrant for gross proceeds of $35 million. The bulk of the cash proceeds (~$25 million) were used to fund the acquisition of Viking oil assets in SW Saskatchewan.

? Inclusive of the property acquisition, RRX has increased spending plans for the remaining three quarters of 2012 to $80 million, from $45 million. This includes ~$30 million in acquisition expenditures, $43 million for 45 net hz Viking oil wells, and $7 million for land, seismic and facilities.

? We increased our CFPS estimates (~8% in 2012 and ~2% in 2013) to reflect the transaction, the financing and increased production estimates. Our risked NAV remains flat at ~$2.53, but the unrisked NAV increases ~
.38 to ~$4.07, which reflects the incremental unbooked inventory.

? Although the impact to our Risked NAV is neutral, the acquisition adds depth to the drilling inventory and extends the growth visibility for RRX. At 16 wells/section, we estimate a potential inventory of ~940 wells (~840 unbooked), which is over 15 years at the current pace of activity.