Twin Butte Energy Ltd TBTEF

TBE vs ONR

[bshort92]

Now that TBE is purchasing Can- Able and establishig another core drilling area at Ansell...I assume to target the Bluesky formation that Open Range is exploiting (current production 1900 BOE a day) nearby for natural gas some comparitive metrics: ONR has 26 million shares out ,TBE now near 55.2. ONR's production is 2350 BOE a day TBE now at app. 3200 BOE a day. ONR has $27 million of debt on a credit line of $54 million TBE has app. $42 million of debt on a line of $65 million. ONR has 50,000 acres of land and 100 drilling locations TBE has 150,000 plus what ever Can-Able brings plus app. 120 drilling locations. Now combine all aspects and you get an idea of what a merger of equals might bring: 110 million shares out, production of 5600 BOE a day. Just $70 million of debt, a remaining credit facility of close to $50 million, 220 drilling locations, over 200,000 acres of land and some redundant synergies that can reduce costs greatly. Don't forget TBE's $190 million in tax pools and now you see how two undervalued,underleveraged Jr''s can be combined into one and you are over half way to becoming an Intermediate and the new entity gets a lot of attention. Thats a deal worth making and its the kind that TBE should be pursuing. Not trying to draft ONR but a big deal can make sense for both if it is structured with the right type of motivated parties.In the meantime TBE should build on that Can Able purchase in the Ansell /Ricinus areas as both spots hold some serious upside .