Energy Business Review: Endeavour’s Support, Houston American Energy has a Well Issue

Carl Ican’s bid of $2.6 billion has been vetoed by CVR Energy’s (AMEX:CVR) board, calling it “inadequate”. CVR shareholders are being urged to vote accordingly.

Houston American Energy (NYSE:HUSA) is being forced to plug one of its major wells, after revealing that the site didn’t allow for sufficient testing. Shares fall sharply with the news, and the company will now have to evaluate other formations.

Earnings Report: Petroleum Development Corp Earnings: Loss Narrows.

Capital One upgrades Carrizo Oil & Gas (NASDAQ:CRZO) to Add, and shares rose accordingly. The analyst notes Carrizo’s potential asset sales and growth opportunities at its Eagle Ford stake.

Sterne Agee upgrades Denbury Resources (NYSE:DNR) to Neutral, praising the firm’s impressive start in 2012, which benefited from strong Williston Basin results and successful sales of its assets.

Buying opportunities can be found with any weakness in Endeavour (AMEX:END), according to FBR Capital, which reiterates its Outperform rating. FBR also notes that Endeavor can quickly increase its overall production, despite a delay on Wednesday in its Bacchus stake.

Investing Insight: Gold and Silver Bounce Higher After Sharp Pullback.

To contact the reporter on this story: Mark Lawson at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com