Twin Butte Energy Ltd TBTEF

Valuations per flowing boe

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Took a look at BTE this a.m. after they announced the hiring of a new CEO. BTE trades at about $41.75 a share based on 120 million shares out getting a market cap of about $5 billion. Add in about $600 million of debt and you get an enterprise value of $5.6 billion. Based on their 53,000 boe/d production they are getting about $105 K per flowing boe. TBE once the Avalon deal closes is trading at $2.49 a share on 220 million shares out getting a $547 million market cap, throw in debt of $165 million the enterprise value is $712 million. Producing 15,500 bope/d that is $46 per flowing boe. Acreage and reserves considered too. Looks like TBE if they attain to be a mini BTE has a ways to go to get comparable valuations. Stay tuned.