GREY:VFGGF - Post by User
Post by
Iching64on Aug 20, 2013 12:01pm
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Post# 21683541
more from Canaccord on PRY, Aug.20
more from Canaccord on PRY, Aug.20latest from Canaccord, a brief summary of a quite detailed report.
-continued waterflood success (see previous post)
-reducing well costs
-porduction hampered by wet weather (some oil shut in)
-lowering 2013 exit target to 3645 boe/d, and 2014 to 3873 boe/d
-debt levels in check due to reduced spending ( $117 million, credit limit $165 million)
-debt still high compared to other juniors - PRY d/cf 2; other juniors average d/cf 1.3
-reduced shre price target to $1
-maintain "speculative buy " rating due to success of waterflood and attractive asset base.
One additional note - on the chart with the production decline curve there is a nice upturn towards the trend line most recently. I think it is too early to make any assumptions, but this could be due to the success of the waterfloods, and if so, we may see the decline curve normalize in the future. Just speculation here.