GREY:DPGYF - Post by User
Post by
templetoothon Feb 02, 2016 8:56pm
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Post# 24518570
Tourmaline metrics - implications
Tourmaline metrics - implications
I did some back-of-the-envelope calculations on the Tourmaline purchase of a gas property (apparently from Enerplus) in the Edson area, same general neighbourhood as the Bigstone property. Using mid-point year end production of 4750 boe/d, TOU looks to have paid about $38,500 per daily boe. On 2P reserves of 48 million boe, it's $3.81 per boe.
I then ran those metrics on DEE, with year end debt of $124 million, 2015 exit production of 8200 boe/d, 155 million shares outstanding, and 50.7 million boe 2P Montney reserves. On 2P reserves you get an implied value of 44 cents per share, but this doesn't give any credit for a possible boost for work in 2015, so don't have a heart attack just yet.
On daily production, one arrives at a more respectable $1.24 per share.
Did the same exercise on Chinook and got a similarly wide range of 58 cents on reserves, $1.16 on daily production. See my seperate post on the CKE board if you're interested.
For Trilogy, I got numbers of $2.12 and $2.98. - again, see CKE post for details
Big winner in these apples and some oranges sweepstakes is Cequence, for which I calculate implied value anywhere from $1.32 to $1.81 per share. See post on CQE board if interested.