NewswireToday - /newswire/ -
New York, NY, United States, 2005/06/09 - Eden Energy Corp. has been rated "Speculative / 3" by Investrend Research Analyst David G. Tildesley, CFA, in an initiating Benchmark report.
(Investrend Research Syndicate) Eden Energy Corp. (OTCBB: EDNE) has been rated "Speculative / 3" by Investrend Research Analyst David G. Tildesley, CFA, in an initiating Benchmark report, who notes the company's "strong balance sheet" and "record of raising exploration capital" when required.
The analyst stated:
Eden Energy Corp. is an early stage oil & gas exploration company with properties in the state of Nevada.
The future value of Eden Energy will be determined by the magnitude of its ultimate exploration success over the next few years in this potentially rich area.
Since its new management team assumed control of operations in May 2004, Eden has accumulated more than 211,000 acres of property under a 9-year lease. This acreage encompasses the Noah Oil Prospect, which is a 53-mile long, 7 mile wide linear anticline. It is considered to be a superb hydrocarbon reservoir in a largely overlooked area. Eden is beginning a $7.2 million drilling program on this property. The company believes there may be at least 6 billion barrels of recoverable oil on its land.
The outcome of the drilling program is as yet unknown. But the company has a strong and experienced top management team in place that has a previous record of creating shareholder value. In addition, the CEO owns the equivalent of approximately 44% of the common equity.
While the shares are speculative, Eden does have a strong balance sheet as well as a record of raising exploration capital when it is required. The shares have risen by 35% so far this year and have substantially outperformed the Nasdaq which has declined by about 3% during this period.
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