Key Metrics: Journey (JOY) versus Petrus Resources (PRQ) Pro-forma the latest asset sale to Rising Star, Petrus (PRQ) produces about 7,700 boepd and has about 45 MMboe proved and probable reserves. PRQ had 49 MMboe proved and probable in December 2015, so that was before the latest asset sale to Rising Star.
PRQ's production and reserves are natural gas weighted (~67% nat gas).
At C$2/share, PRQ's Enterprise Value is C$220 million, because its net debt is C$124 million pro-forma the asset sale to Rising Star according to the news.
So at C$2/share, PRQ trades at C$28,000/boepd and almost C$5/boe.
OY produces about 9,500 boepd and has 50 MMboe proved and probable reserves.
JOY's production and reserves are much oilier than PRQ.
JOY's wells have lower decline rates relative to PRQ's wells.
At C$1.90/share, JOY trades at C$16,000/boepd and C$3.1/boe.
Enough said.