Domestic E&P Statistical Package and FD&A Review
With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.
BXO AAV ARX BTE BNP CPG ERF POU PEY PGF PWT VII TXP VET WCP BNE CJ KEL LTS LRE NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL SKX TVE TVL YGR YO ZAR
12 Apr 16
Posts 2015 Year-End Results
The Company’s 4Q15e production figure was ~5% behind our forecast however cash flow was 7% ahead on higher realized pricing and lower production costs. Boulder’s 2P reserves were largely flat since being spun out of DeeThree Exploration in May 2015, however 1P and PDP reserves were up 5% and 3% respectively. F&D costs over this period came in at $18.18/boe 2P and $18.90/boe 1P. The Company remains on track to close its previously announced going-private transaction with ARC Financial on or before April 15th. Recall, the all-cash bid was $2.59 per share, which we have since adopted as our target price.
24 Mar 16
Acquired for $268 mm in Going Private Agreement with ARC Financial
Boulder Energy has entered into a plan of arrangement with ARC Financial Corp. whereby the Company will be taken private for an all-cash consideration of $2.59 per share. Inclusive of $143 mm of debt, the deal is valued at $268 mm which implies compelling take-out metrics, particularly in light of where current commodity prices stand today. With our view this represents an attractive acquisition price that is unlikely to be topped, we have aligned our target price with the proposed cash bid of $2.59 per share while transitioning our ranking to Tender.
26 Feb 16
Intermediate/Mid/Small Cap Commodity Price Update Impact
With this publication we highlight forecast revisions associated with our crude oil commodity price update. Concurrent within a dynamic time for E&Ps, some of which have already begun the process of 2016 capital budget downdrafts, revised estimates attempt to directionally capture a shift towards capital conservation, though severely weakened futures curves have influenced our thinking for the better part of 6 months anyway. We expect further capital investment reductions forthcoming from E&Ps in the coming weeks.
BXO AAV ARX BNP CPG ERF POU PEY SPE SGY TVE TOG TOU VET GXE KEL NVA PPY BTE PGF PSK PWT VII WCP BNE CJ CR DEE JOY LTS LRE PMT PNE RRX RMP SRX TET ATU CKE IKM LXE MQL RE SKX TVL YGR YO ZAR
08 Feb 16
Boulder Energy Provides 2016 Capital Spending and Production Guidance
Boulder Energy’s 2016 capital program includes spending of $26 - $28 mm and annual average production of 5,500 boe/d, which is below our prior forecast made following receipt of the Company’s 3Q15 actual results in early November. This conservative capital budget will aim to keep volumes flat from current levels by focusing efforts on early stage EOR projects while engaging in a 6 well drilling program across its Belly River asset.
18 Dec 15
BOULDER ENERGY LTD. (BXO) ANNOUNCES 2016 CAPITAL PROGRAM, CREDIT FACILITY AMENDMENTS
Impact: Negative, Boulder issued what we would consider a prudently conservative spending plan, however, 2016e production guidance is below both our estimate and consensus, while current production is trending well below our expectation for 4Q15e and our notional 2015e exit production estimate, which will necessitate revisions to our forecast.
17 Dec 15
New Commodity Price Outlook Impact
“Worse? How could they get any worse? Take a look around you, Ellen. We’re at the threshold of hell”. These are the words spoken by Clark Gris-wold in the holiday classic “Christmas Vacation”, and seem aptly suited for the general sentiment in the Canadian energy space at the moment as we roll out a summary of our regular forecast revisions extending from our most recent crude oil and natural gas price forecast update.
BXO AAV ARX BTE BNP ERF POU PEY PGF PSK PWT VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS LRE NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL RE SPE SKX TVE TVL YGR YO ZAR CPG
14 Dec 15
REPORTS 3Q15 RESULTS
Impact: Negative in the short term given a production and cash flow miss, while current productive capacity of 7,000 boe/d is below our previous thinking and will result in revisions to our estimates. Management has signaled a shift to a more conservative capital spending budget in 2016e, which we think is the right move in this environment.
11 Nov 15
Leaving No Stone Unturned: Initiating Coverage on Boulder Energy Ltd. (BXO)
With this publication we are initiating coverage on Boulder Energy Ltd., a light-oil levered, growth oriented Small Cap E&P formed in May 2015 via the corporate reorganization of DeeThree Exploration Inc. Boulder emerged from the reorganization with a concentrated asset base located near Brazeau, AB, including ~8,000 boe/d of production, a contiguous 98,000 net acre foot print with minimal expiry issues, ~400 identified horizontal drilling locations over 7 distinct Belly River zones, and the infrastructure to support medium-term growth plans to 12,000+ boe/d.
29 Oct 15