ORLANDO, Fla., May 22, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., today announced that it has initiated research coverage on Western Standard Energy Corporation (OTCBB:WSEG), an independent oil and gas exploration company engaged in the acquisition, exploration and development of prospective oil and gas properties.
Gaurav Aggarwal, MBA, RedChip Research Analyst, wrote in the report:
"WSEG's strategy is to enter into opportunistic lease acquisitions on oil and gas development possibilities and attain aggressive capital funding for drilling programs. The Company focuses on securing and developing a portfolio of oil and gas properties throughout the central and western United States. WSEG also seeks to increase its return on investment by maintaining a lean corporate structure and teaming with partners and third-party service companies who are willing to share the associated risk and cost burdens in the exploration and production process."
"All of WSEG's prospects have high potential based on historical production and drilling successes. The Company is projected to have revenue for each of the prospect fields in Starbuck East Prospect and State Lease Prospects in Montana and Lodgepole Reef Prospects in North Dakota," Aggarwal continued.
"We are initiating coverage of WSEG shares with a 'Speculative Buy' rating and a 12-month target price of $2.54," he concluded.
To receive a complimentary copy of the RedChip Visibility Initial Research Report for WSEG, please visit:
http://www.redchip.com/visibility/about.asp?page=vreport&reportid=108&from=05222008pr
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DISCLOSURE:
This equity research report should not constitute a recommendation for any investor to purchase or sell any particular security. Western Standard Energy Corp. paid RedChip Visibility, a division of RedChip Companies, Inc., $36,000 for RedChip Visibility Program services, which included the preparation of this equity research report. To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information. To the fullest extent permitted by law, RedChip Companies, Inc., will not be liable to you or anyone else under any tort, contract, negligence, strict negligence, strict liability, products liability, or other theory with respect to this presentation of information.