As I've stated before, the market is so focused on Lochend results that they have completely forgotten about TOL's highly valuable Tableland asset. A couple months ago, Magnum Hunter agreed to acquire NuLoch, implying a value of Tableland acreage at $2,500 / acre.
We now have a new data point confirming the value in this emerging light oil play:
Saskatchewan's April 11 land sale gave further proof that the development and expansion of this play is proceeding. Husky paid $7.3mm for a 9-section parcel one township to the west of TOL's land (1-11 W2), implying a value of $1,262 per acre. Note that this is an extension of the play that TOL is developing, and as such should be valued at a discount to TOL's "sweet spot". I believe that the Tableland asset is worth $1.00 - $1.60 per share, in addition to the company's Sweeney asset, worth about another $1.50 per share. Remember, TOL is only trading at ~$3.50.
Here's the link:
https://www.ir.gov.sk.ca/adx/aspx/adxGetMedia.aspx?DocID=11129,5711,3402,3384,5460,2936,Documents&MediaID=35102&Filename=340Supp.pdf
Cheers,