re: massive upgrade. cashflow huge My broker has a research...

re: massive upgrade. cashflow huge My broker has a research report out for AZA and BPT.

Valuation: AZA increases from $1.77/sh to $1.90/share; BPT increases from $1.75 to $1.81/share
Price Target: AZA $2.00/share; BPT $2.00/share

Basker/Manta oil up from 30.1 mmbbls to 39.2 mmbbls was in line with expectations.

Contingent gas resource up from 94 bcf to 344 bcf was almost double expectations.

Contingent condensate resource up from 3.5 mmbbls to 19.1 mmbbls was almost double expectations.

The report says that the gas/condensate contingent resource will be upgraded to reserve status once the BMG gas project is sanctioned in the next few weeks.

Therefore AZA's total hydrocarbon reserve will increase from 15.0 mmboe to 57.9 mmboe and BPT's from 31.6 mmboe to 74.5 mmboe.

The better than 50 bbls/mmscf condensate to gas ratio more than doubles the value of the gas project.

Both AZA and BPT are fully funded for the expected capital expenditure for completion of the BMG oil and gas development.