RE: RE: RE: RE: CPG buys Cutpick, that makes BXE v OK. If they got $105K per flowing bbl for 65% of 5600 bboe/day of oil, or 3640 bbl/day X 105K/bbld = $382 mm
Subtract that from selling price of $425 mm to get $43 mm
Divide $43 mm by the boes of NG(35% of 5600 = 1960) to get about $22,000 per flowing boe of ng.
This seems a reasonable split to me.
Now take BXE with 18,000 boe/day, with 40% being oil and liquids. Thus we get about 7200 bbl/day. Multiply that by $105,000 and we get $ 756 mm. Add in NG at $22/boe to get another $237 mm. Add in another $150 to $200 mm or so for the Duvernay, to offset any BXE debt get a total of about $1.0 billion sale price. By my numbers that works out to a selling price of about $9.5 a share for 107 million shares.
What have I missed?
So a buyout is still OK by me.