Cougar Energy Updated Research Note (Patersons)

• Patersons have issued an updated research note on Cougar Energy (CXY) with a 12 month rating of HOLD. 
• Report dated 02/09/2010
• Target price $0.08 
• CXY last traded 0.031 (03/09/2010)
• Research report link

Shares in Cougar Energy were suspended way back on 20/07/2010 after the Queensland Department of Environment and Resource Management (DERM) ordered the closure of the Kingaroy plant due to concerns of the quality of underground water being affected.  Underground water samples taken by DERM have come up clear however the department seems to be intent on making life difficult for the company after rejecting it's environmental submissions since.  Cougar Energy is now suffering funding issues and with the share price now at $0.031 (after recommencing trading on 02/09/2010) any raising won't be at a great price.  Very dire.