Canaccord Genuity


Report Title: Pacific Rubiales Buys 19% Stake Endorsing Upside Potential; Lowering Target to C$2
Published: October 23, 2011
Recommendation: Buy (Speculative)  |  Target Price: $2.00 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: New Resource Estimate Adds Up; Maintain Target Price and Rating
Published: June 24, 2011
Recommendation: Buy (Speculative)  |  Target Price: $2.50 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Quarterly Update; Maintain Rating, Target Price
Published: June 2, 2011
Recommendation: Buy (Speculative)  |  Target Price: $2.50 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Financing Closed; Maintain Rating, Target Price
Published: December 20, 2010
Recommendation: Buy (Speculative)  |  Target Price: $2.00 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Financing Sets Stage for Drilling
Published: September 2, 2010
Recommendation: Buy (Speculative)  |  Target Price: $2.00 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Updated Resource Report - Maintain Target and Rating
Published: March 15, 2010
Recommendation: Buy (Speculative)  |  Target Price: $2.25 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Forging Ahead - Increase Target and Maintain Rating
Published: January 21, 2010
Recommendation: Buy (Speculative)  |  Target Price: $2.25 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Search for Guyana Partner Begins
Published: December 9, 2009
Recommendation: Buy (Speculative)  |  Target Price: $1.80 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Corentyne License Drilling to Proceed in 2010
Published: November 24, 2009
Recommendation: Buy (Speculative)  |  Target Price: $1.80 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Offshore Development Step by Step - Target Price and Rating Maintained
Published: May 5, 2009
Recommendation: Buy (Speculative)  |  Target Price: $1.80 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: CGX Energy Completed 3D Seismic Survey - Target Price and Rating Maintained
Published: January 23, 2009
Recommendation: Buy (Speculative)  |  Target Price: $1.80 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: Initiating Coverage
Published: November 5, 2008
Recommendation: Buy (Speculative)  |  Target Price: $1.80 *
* Based on just a 50 million barrel development from the 2.7 billion barrel independent resource potential
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Report Title: South American Offshore - The Caribbean Report
Published: November 5, 2008
Recommendation: Buy (Speculative)  |  Target Price: $1.80
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Please note that any opinions, estimates or forecasts regarding CGX's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of CGX or its management. CGX does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.