Cequence Energy Ltd Common CEQXF

Updated numbers

[templetooth]

At 33 cents per share you have $70 million market cap plus $68 million year end debt for an enterprise value of $138 million.

At 9350 boe/d, the midpoint of 2016 average production, the market views CQE as being worth $14,760 per daily barrel of production.

I don't know how accurate is the number of 118 million boes of reserves, but I'm going to hope that the work conducted in 2015 will offset any reserve write-downs as a result of lower gas prices. If that's reasonable, you have $138 mm EV / 118 mm boes for a market valuation of $1.17 per proven and probable barrel.

To flog the horse, recall that Tourmaline paid $38,500 per daily barrel or $3.81 per 2P reserves.