RE: valuationHPR produces no heavy oil. It is almost 100% long life natural gas and associated NGL. It has large contiguous land blocks in its core areas. It has plenty of low risk development oppotunities as well as high impact wells of which one is currently drilling in Ricinus and one planned for Q3 in Kotcho in NEBC.
It is trading at less than 3 times forward CF, and that is cheap as long as we don't compare with heavy oil producers.
Heavy oil is suffering from a double whammy. The differential is very large at the present time, and you have to mix it with lighter crude so it can be delivered by pipelines. You pay the full price for the light crude and you get much less for the mixure. last time I checked the differential was north of $25.