PPY vs PEY and TOU TOU
"Tourmaline total 2P reserves at year end 2014 are 4.34 tcf of natural gas and 131.7 mmbbls of oil, (38% growth per diluted share). "
PPY
" Increased proved plus probable (“2P”) reserves by 68% to 2.9 Tcfe (488 MMboe), an increase of 50% per share"
TOU
"2014 2P finding, development and acquisition costs (“FD&A”) including future development costs (“FDC”) were $10.40/boe,"
PPY
"Added 2P reserves at a finding, development and acquisition (“FD&A”) cost of $0.70/Mcfe ($4.19/boe) and a finding and development (“F&D”) cost of $0.76/Mcfe ($4.57/boe)"
TOU
" 2014 2P recycle ratio of 2.2 based on 2P FD&A of $10.40/boe (including FDC) and 2014 estimated cash flow per boe of $22.50."
PPY
"Achieved FD&A recycle ratios of 5.1 times for 2P reserves, 3.1 times for proved reserves and 2.3 times for proved developed producing (“PDP”) reserves"
TOU
"2014 2P reserve replacement of 7.4 times, a 12% increase over 2013 based on 2P reserve additions of 307.0 mmboe before taking into account 2014 production"
PPY
"2P reserve additions replaced 2014 production of 13,192 boe/d (89% gas) by 4,215%. The Corporation has a reserve life index (“RLI”) of 98 years on a 2P basis"
TOU
"Industry-leading financial position with year end net debt(2) of $1.1 billion, 1.2 times debt to trailing cash flow or 1.1 times debt to forecast 2015 cash flow. "
PPY
"Exited 2014 with working capital of $2.8 million; "
PEY
"Company reserves increased by 13%, 14% and 14% to 1.2 TCFe, 2.1 TCFe and 3.2 TCFe for PP, TP and P+P, respectively. Per share reserves were up 10% for each of these respective categories. "
PPY
" Increased proved plus probable (“2P”) reserves by 68% to 2.9 Tcfe (488 MMboe), an increase of 50% per share"
PEY
"Total Proved (“TP”) reserves at a FD&A cost of $2.37/MCFe ($14.20/boe) and 328% of annual production with new Proved plus Probable Additional (“P+P”) reserves at a FD&A cost of $2.01/MCFe ($12.07/boe) "
PPY
"Added 2P reserves at a finding, development and acquisition (“FD&A”) cost of $0.70/Mcfe ($4.19/boe) and a finding and development (“F&D”) cost of $0.76/Mcfe ($4.57/boe)"
PEY
"resulting in a 1.9 times recycle ratio"
PPY
"Achieved FD&A recycle ratios of 5.1 times for 2P reserves, 3.1 times for proved reserves and 2.3 times for proved developed producing (“PDP”) reserves"
PEY
"Peyto replaced 328% of annual production with Total (“2P”) reserves, and an RLI of 18 years."
PPY
"2P reserve additions replaced 2014 production of 13,192 boe/d (89% gas) by 4,215%. The Corporation has a reserve life index (“RLI”) of 98 years on a 2P basis"
PEY
$1.01 billion in debt
PPY
"Exited 2014 with working capital of $2.8 million; "
PEY - Notice how they use 5% discount rate, while PPY will use 10%....
"Based on the December 31, 2014 evaluation, the debt adjusted, Net Present Value of the company’s remaining Proved plus Probable Additional reserves (“P+P NPV” - debt adjusted, 5% discount) was $40/share, comprised of $23.50/share of developed reserves and $16.50/share of undeveloped reserves."
PPY
"Management estimates Painted Pony’s net asset value to be $3.0 billion, or $27.50 per fully diluted share, based on the value of its 2P reserves, undeveloped land and working capital and option proceeds at December 31, 2014"
2P Reserves (NPV10) 2,632 Undeveloped Land 250 Working Capital & Option Proceeds 78 Net Asset Value $2,960 $27.50 per share...