Twin Butte Energy Ltd TBTEF

RE: RE: Valuations M&A

[bshort92]

Any intelligent analysis of purchasing an asset must include a firm understanding of a company's debt load. In the WCSB intermediate space of 20,000-30,000 boe/d producers mentioned yesterday from the LRE presentation consider the debt owed. In the CLT acquisition XOM is paying close to $2.9 billion or close to $100 k per flowing boe plus they assumed CLT's $240 million of debt. The other seven in the analysis show debt loads as follows: LRE=$450 million, CR=$355 million, LEG=$442 million, WCP=$360 million, BIR=$455 million, PMT=$400 million. Numbers were extracted either from Q2 earnings announcements or corporate presentations. TBE's debt load once the Waseca deal closes hopefully by late next week=$210 million. Conclusion: TBE's balance sheet appears to be in the best shape of the group. Stay tuned.