Here's their reaction to the latest results. They continue to rate the stock as a Sector Outperformer and maintain their price target of $3.00. GLTA



Raging River Exploration Inc.

Q1/12 Results; Initial Viking Well Productivity Showing Improvement

? Raging River reported quarterly results for a 15-day period ended March 31, 2012, following the spin out from Wild Stream Exploration. As it was a stub period, the relevant information in the update primarily pertained to operational results from the company's field activities.

? Although results are preliminary, average initial productivity in the latest Viking wells has shown a ~25% improvement due to "tweaks" in the completion design. The average 60-day production rate for 13 wells completed in Q1/12 with the revised design has been ~50 Bbl/d.

? Production in Q2/12 to date has averaged ~1,600 Boe/d (97% oil), which is substantially in line with our Q2/12 estimate of ~1,580 Boe/d (97% oil). We estimate production for the last three quarters of 2012 to be ~1,940 Boe/d (98% oil), which is above the guidance of ~1,800 Boe/d (97% oil).

? Apart from including a two-week stub period in our 2012 estimates, we have lowered our oil price realization by ~$3/Bbl to account for a crude quality adjustment (relative to Edmonton light) for the company's heavy oil and Viking light oil. As such, our CFPS in 2013 decreased by 6% to