Twin Butte Energy Ltd TBTEF

Crazy Undervalued

[ocean112]

Can someone help me understand - 

a) $110M in hedge book = $0.31 per share
b) NAV (per thier recent annual report) = $1.90

Taking current price of $0.67 and subtracting hedgebook value - youre left with the oil assets valued at $0.36 per share - or P to NAV of 0.18 - thats spyglass valuation territory!

Is there something tangible going on with TBE (set aside the declining production which seems to be more than priced in to the stock).  They have one of the better balance sheets in the oil patch, good disciplined management, manageable debt to cashflow, less than 100% payout....

If nothing tangible other than a big player selling  - at this valuation - this thing should pop very soon when buyers come back to the table.