RE:RE:RE:Q2Scotia Q2 estimate was $0.12 per share....
________
Twin Butte Energy Ltd.
Energy - Oil & Gas - E&P
(TBE-T)
12Aug14: $1.64
1-Year Target: $2.30 Div. (NTM): $0.19 Div. (Current): $0.19 Rating: Sector Perform
1-Year ROR: 51.8% Yield (Current): 11.6% Risk: High
Qtly CFPS (FD) (Next Release: 13-Aug-14)
Year
2012A $0.14A $0.17A $0.19A $0.16A $0.66
2013A $0.13A $0.13A $0.14A $0.12A $0.52
2014E $0.15A $0.12 $0.15 $0.15 $0.57
2015E $0.71
Industry Specific
2011A 2012A 2013A 2014E 2015E
Oil Price (WTI, /bbl) (US$) $95.06 $94.09 $98.01 $102.00 $97.00
Nat Gas (HH, /mmBtu) (US$) $3.99 $2.76 $3.72 $4.62 $4.25
Production (mboe/d; 6:1) 7.61 14.69 17.58 21.99 22.59
Production (% gas) 39% 16% 12% 9% 8%
Mar Jun Sep Dec
Net Asset Value: $1.95 Price/NAV: 0.84x
Capitalization
Market Cap (M) $578
Net Debt + Pref. (M) $366
Enterprise Value (M) $944
Shares O/S (M) 353
Float O/S (M) 305
Control Blocks
Management & Board
Voting Interest 2.9%
Equity Interest 2.9%
IBES Estimates
CFPS 2014E $0.59
CFPS 2015E $0.70
Source: Global Insight, Inc.
Valuation: 0.8x our 2P NAV plus risked upside.
Key Risks to Target: Exploration and drilling execution risk; commodity price risk