Crew Takeover could be greater than $2 shareIt's hard to compare Crew's Montney land position to Kelt's former Inga property, but I believe they are both very highly valued properties. Crew's Septimus and Groundbirch properties in particular are prime Montney properties. It is true that Crew has put little capital into Groundbirch,but it is highly valued in the B.C. Montney by all the major landholder/producers including CNQ, Shell, Tou and Arc. I will be very surprised if Crew is not taken over by the end of the 2nd quarter.
Kelt received $35,900 per producing BOE for 14200 BOE. Kelt received $2.33 million per section for the 219 sections they sold.
If Crew were to sell their 20,000 BOE of Montney production the price per share would be approximately $2.42 after deducting the $340 million of debt (based on Kelt sale).
i believe the Septimus field has approximately 200 sections and which equates to a share price of $2.34 after deducting $340 million of debt and that gives 0 value to Groundbirche's 156 sections. Land sales in very close proximity to Groundbirch fetched $2.1 and $3.5 million per section in I believe 2018 land sales.
Crew and crew shareholders I do not believe would accept a takeover bid of under $1 and it could easily be much higher. The AECO price is good right now, but the big question is where Nymex goes in the next few weeks.
i know a couple of posters will take issue with this post.