by CIBC in reaction to the results. Obviously, the stock is rated as Sector Outperformer. GLTA



Raging River Exploration Inc.

P+P Reserves Increased ~215%; PT Increased To $4.50 From $4.00

? 2012 year-end reserves were ~17.2 MMBoe, which implies growth of ~215% (~83% per share). Proved FD&A costs (incl. change in FDC) were $33.81 and P+P FD&A costs (incl. change in FDC) were $26.05/Boe for recycle ratios of 1.4x and 1.8x on our 2012 cash flow netback estimate.

? RRX once again beat production guidance, both for Q4/12 and the 2012 exit rate. The company expects Q4/12 production to be ~3,100 Boe/d (96% oil), ~10% above guidance of ~2,800 Boe/d; and the exit rate to be ~4,000 Boe/d, ~8% above guidance of 3,700 Boe/d.

? RRX continues to be encouraged by results from its Beadle property. Based on public data, the two most recent wells have shown a dramatic improvement over those drilled in prior periods with an older completion design. The two wells are tracking between the Tier 5 and Tier 6 curves.

? Incorporating updated reserves has increased our RNAV by ~$0.66 to ~$3.69. We have increased our PT to ~$4.50, which is based on 1.2x our RNAV. RRX remains our top oil pick due to its strong growth (~55% per share in 2013), long-term growth visibility and strong balance sheet