AvenEx Energy Corp AVNDF

CHX vs AVF

[pwalk140]

No I'm not a AVF holder, I'm a CHX holder, but has anyone done the comparison between AVF and CHX after the ER sale on operations? Here are some number from the 3rd quarter 2012 financials excluding ER. ($,000's)

BOE/d - CHX - 3139

               AVF - 3745

Op. Expense CHX - 4016

                       AVF - 6681

Revenue - CHX -9.4

                  AVF - 16.3

The difference in the revenue is due to the hedging program. All things the same excluding hedging AVF is no different than CHX except for the additional cash and available credit.

 

Now, I agree, this is a VERY simplistic view, but this should show some indication where AVF SP will go assuming no other opportunities come along. End of the day I believe that CHX and PCE will merge, with or without AVF, and Charger's management will take over from the current Pace management. That leaves AVF with their current management and the same production levels as CHX with no dividend, and some cash to drill and try to increase production or hope it keeps them afloat until a takeover comes along with a AVF SP sub $1.00.

 

Thoughts?

[1nv35t0r]

The difference lies in debt.

[pwalk140]

Bank Indebtedness as at Sept 30, 2012 AVF - $97,403,000 CHX - $58,600,000

[bigbank91]

everything is priced in as the market prices in stocks at what they are worth. spy priced in equals gains for all 3 and are on the table to vote on. 30% pce 20% avf. yes charger got .60 a share but that was the deal and they have nice oil assets. without the deal we have nothing again. 3 companies with no growth. voting it down beacuse of charger is not smart they are a good pickup all they need

[bigbank91]

sorry the market priced chx in at around 0.45. its a merge not a buyout.

[Buynsell2013]

Yes I agree...their bashing caused stock price go down so whoever was behind wanted to get stocks at lowest so they can make money ... I smell greed... No other reasoning to describe that..They never justified their bashings.. I guess SH are getting over that now.. Merger to. Spyglass is the answer to that ... Get back on track n deliver ..;-) 

[Capharnaum]

AVF sold Elbow River since Sept 30 and is now without a debt.

[flooring]

This is from pg 112 of thePlan of  Arrangement. This is all avaliable on Sedar.   For the nine months ended September 30,  2012 (unaudited) $000's     net debt and working capital deficit (surplus)      Charger    61,256, Avenex      (17,722) (3) Pace         201,348 Proforma 277,848   (3) Net debt and

[bigbank91]

in my view, 1 share of spy  will be priced in at 2.60 to start. then dividend announcement. might get premium. pce gets 1.3x . avf gets 1 . chx gets 0.18 they have a month to find a better deal than that. if no better deals are found then a vote for the gain in share price of all 3 and liquidity and assets to grow if you chose to stay with spy.      

[pwalk140]

With liabilities of $118,993,000