I agree and was surprised that the stock came back to my $2.71 bid. Speaking of analysts and upgrades, here's CIBC's take on the earnings. The stock is rated Sector Outperform with a $3.50 target. GLTA



Raging River Exploration Inc.

Q3/12 CFPS Above Expectations; Production Guidance Increased Again!

? Q3/12 production of 2,127 Boe/d (97% oil) was preannounced last month. Q3/12 production was ~24% above Q2/12 and ~112% above January 2012 volumes. Q3/12 CFPS was $0.08, above our estimate of $0.07 and consensus of $0.07.

? Due to better-than-expected productivity in multiple areas, RRX has increased 2012 exit production to ~3,000 Boe/d (97% oil), from ~2,850 Boe/d (97% oil). We increased our estimates to reflect updated guidance. 2013 production per share increased ~4% and CFPS increased ~10%.

? We expect RRX to announce 2013 guidance in the next few weeks. We estimate 2013 per share growth to be ~43% (almost double the oil group average of 26%), while maintaining strong financial capacity. On strip, we estimate RRX's 2013 debt to cash flow to be ~1.1x vs. the group at 2.4x.

? RRX remains our top oil pick because of its high netbacks, above-average growth, strong balance sheet and long-term growth visibility. On strip pricing, RRX trades at a P/RNAV ratio of 113% and a 2013E EV/DACF multiple of 7.1x (versus the group averages of 88% and 6.8x, respectively