This post is only for prudent value investors who can separate the wheat from the chaff because they have been burned by overhyped energy stocks in the past and have learned their lessons, they have learned the hard way. According to LXE's report:

Total Proved Reserves NPV-10: $68 million.

Total 2P Reserves NPV-10: $152 million.

LXE's Enterprise Value including the $80 million placement is about  $390 million, which is 5.74 times above 1P NPV-10 and 2.57 times above 2P NPV-10!

But wait, LXE's Montney production and reserves are not like 50% CONDENSATE to deserve a premium valuation.

They are typical natural gas weighted Montney reserves according to the company:

LXE's Production is 3,000 boepd with 75% natural gas --> $130,000 per boepd! 

LXE's proven and probable reserves are 22.7 mmboe with 81% natural gas --> $17 per boe!

LXE trades about 17 times its estimated annual cash flow for 2017.
 
Whatever you touch here, it's hot. There is not one key metric that makes it a compelling opportunity. If you have learned your lesson from previous bubbles, you don't buy LXE. If you are a novice investor, ignore fundamentals etc. etc, you load LXE. There are always those who lose their shirts in the stock markets.