CKE proforma Tournament and LXE, TET, NVA, SRX Including the C$7.5 million cash from the Gold Creek deal, CKE's Enterprise Value at 46 cents is C$70 million.
Proforma the Tournament deal, CKE produces 2,700 boepd and has 18.3 MMboe 2P reserves.
So debt-free CKE at 46 cents trades at C$25,600/boepd and C$3.8/boe.
The other Montney natural gas weighted producers like LXE, NVA, TET, SRX etc. trade at C$40,000/boepd and C$6/boe and higher, despite the fact that they have a considerable amount of debt and operate at the same Montney areas and receive the same pricing from BC station 2/AECO and Alliance. Thanks to Alliance, all of them receive Chicago pricing which is now at US$2.60/mmbtu or C$3.4/mmbtu.
On top of that, by buying CKE, you also get 70% of Tournament Exploration. Tournament produces about 5,000 boepd (34% oil and liquids) and owns 21.26 MMboe of 2P Reserves. This isn't a small company. See the latest news. So Tournament's EV isn't Zero. And according to the latest news, CKE owns 70% of Tournament, AIM owns 10%. And it will get a public listing too.
Plus, the new alias "spoiledsuzy" wrote about NVA. fyi, Montney and non-Montney are two completely separate things and they have completely different metrics. Montney is at the top of the natural gas formations. And NVA was a distressed seller for its non-Montney properties because the lender just cut its borrowing limit. And due to this financial distress, NVA borrowed with a very high interest rate. See the latest news, NVA pays now almost 10% interest rate for its senior notes.