I got this from RBC Capital this morning. - Dan
MTDR established three core shale plays that continue to see improving results. The oil-prone drilling is driving a strong growth profile but added upside from gas optionality exists. We have increased our target by $3/share to $28 based on higher confidence in MTDR’s Permian acreage. We think ample well data by MTDR and industry exists to increase our EUR to 450-500 Mboe from 450 Mboe.
EUR = Estimated Ultimate Recovery. On most new horizontal wells, over 50% of EUR is recovered in the first two years, the wells pay out very fast.