PPR's net debt is C$5 million, according to the latest presentation below.
So PPR's Enterprise Value at C$1 is about C$102 million.
And PPR produces about 4,000 boepd (71% oil/liquids) and has 18.3 MMboe (75% oil/liquids) of 2P reserves.
So oil-weighted PPR currently trades at just C$25,500/boepd and C$5.5/boe of 2P.
These are the lowest key metrics now in the oil patch among all the oil-weighted firms in the US and Canada that have a healthy balance sheet, ample liquidity and no debt problems.
See the current key metrics for oil-weighted producers such as TOG, SPE, WCP, CJ, NBZ, SGY, RRX, BNE, GXO, TVE from the Canadian oil patch or oil-weighted small producers like AXAS, REI, SYRG that drill in the US.
All of these oil-weighted proeucers trade above C$55,000/boepd and above C$10/boe of 2P reserves. There is a huge valuation gap here.
AEI's insiders owned 26% before the merger, see presentation below. Now, AEI's insiders own about 10% in PPR. Add Goldman Sachs' stake to the mix, insiders and Goldman Sachs' subsidiaries own about 50% in PPR.
PPR doesn't have any debt problems. It has very low leverage (Net Debt to projected annualized Cash Flow is less than 1 times). See presentation below.
Bank debt is just C$5 million on C$55 million credit facility, while the annualized Cash Flow is C$24 million based on Q4 2016 Cash Flow of C$6 million.
PPR's wells are cheap with high IRRs at current strip pricing. The company's wells in Princess have very strong economics even at current strip pricing. The facts:
and this one: