Bellatrix Exploration Ltd (Canada) BXEFF

RE:Alder Flats

[Straite]

Recall, they sold 35% of alder flats to keyera in 2016 for 112.5M$ before it was upgraded (doubled capacity). I think they still own 30 or 25% of the new doubled capacity plant? Could be worth 200M alone. Also, They acquired Daewoo in nov 2018 for 9.5m$ 1,250 boe/d 35% liquids or 7,500$/boe, which was perceived as a great deal at the time. 36,000boe/d*7,500$/boe = 270M$ Also, one of their assets is intangible: As at June 30, 2019, Bellatrix had approximately $1.4 billion in tax pools available for deduction against future income. In sum, if it was sold for 7,500$/boe (cheap?), you get 270M$, plus likely +-200M for alder flats? +value of tax pool Should be enough to leave something to shareholders if the company was bought as a whole by another entity that can benefit from the tax pool.