Catalysts Compared to others, ERF has low debt. This allowed them to get a head start on the share buyback last year, compared to others.
They have two non core assets which, if sold, could erase the remaining debt completely. The Marcellus, which their partner was recently acquired by CHK. And 9000 boed of low decline Canadian oil assets being marketed at WCS prices around 100$/boed.
The remaining ND oil assets were improved through two acquisitions, Bruin and Hess in the bottom of the market. This will allow significant free cash flow generation going forward.
In the next month I expect the 10% NCIB to be completed, and one of the non core assets to be sold. The dividend should be increased substantially as well. The NCIB renewal doesn't occur until August.
The value is tremendous at this share price given the immediate catalysts.