q3 2015production (boe/d) - acumen capital exploration perpetual energy northern blizzard nuvista...

The following charts summarize the Q3/15 results of the Canadian Intermediate and Junior E&P universe. We breakout comps

by production, with Intermediate’s producing between 10,000-175,000 boe/d and Junior’s producing less than 10,000 boe/d.

Information used is a historical snapshot as of quarter end, and doesn't take into account subsequent financings or M&A.

Trevor Reynolds | Oil & Gas Research Analyst | (403) 410-6842 | [email protected]

Mike McMeeken | Research Associate | (403) 571-0530 | [email protected]

ACUMEN CAPITAL FINANCE PARTNERS LIMITED | SUITE 700 – 404 – 6th AVENUE SW | CALGARY, AB | T2P 0R9

MAIN PHONE: 403.571.0300 | TOLL FREE: 1.888.422.8636

December 3, 2015 ACUMEN CAPITAL | RESEARCH

IDEAS. GROWTH. OPPORTUNITY.

Intermediate Charts:

Source: Company Reports, Acumen Capital

*Figures Subject to Rounding

ACU-DATA: Q3/15 OIL & GAS COMPARABLES

11,000

11,219

12,504

13,129

13,418

13,523

15,523

16,303

16,773

17,709

18,695

19,758

20,445

21,367

24,808

25,090

30,255

30,734

38,433

40,277

41,821

49,990

60,600

74,238

78,599

81,208

82,170

82,198

107,261

110,794

150,298

172,579

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000

RMP Energy

Cardinal Energy

Pine Cliff Energy

Bonterra Energy

Raging River Exploration

Surge Energy

Painted Pony Petroleum

Twin Butte Energy

Crew Energy

TORC O&G

Kelt Exploration

Perpetual Energy

Northern Blizzard

NuVista Energy

Advantage Oil & Gas

Trilogy Energy

Lightstream Resources

Long Run Exploration

Birchcliff Energy

Bellatrix Exploration

Whitecap Resources

Paramount Resources

Seven Generations

Pengrowth Energy

Bonavista Energy

Peyto Exploration

Baytex Energy

Penn West Exploration

ARC Resources

Enerplus Corp

Tourmaline Oil Corp

Crescent Point Energy

Q3 2015Production (boe/d)Median: 27,672 boe/d

mailto:[email protected]




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Trevor Reynolds | Oil & Gas Research Analyst| (403) 410-6842| [email protected] Mike McMeeken | Research Associate| (403) 571-0530| [email protected]

Acumen Capital Finance Partners Limited #700, 404 – 6 Avenue SW | Calgary, AB | T2P 0R9| Main Phone: 403-571-0300

1%

5%

6%

7%

11%

13%

13%

30%

30%

31%

34%

35%

36%

38%

39%

40%

45%

48%

60%

61%

67%

71%

76%

76%

81%

83%

88%

88%

90%

92%

96%

97%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Advantage Oil & Gas


Pine Cliff Energy

Peyto Exploration

Perpetual Energy

Tourmaline Oil Corp

Birchcliff Energy

NuVista Energy


Bonavista Energy

ARC Resources

Kelt Exploration

Trilogy Energy

Crew Energy

Paramount Resources


Enerplus Corp

RMP Energy

Pengrowth Energy

Seven Generations



Bonterra Energy

Whitecap Resources

Baytex Energy

Surge Energy

TORC O&G

Twin Butte Energy


Cardinal Energy

Northern Blizzard


Q3/15 Production Mix - Oil & NGL Weighting (%)Median: 42%





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5.95

7.10

7.92

9.31

9.84

10.89

11.00

11.30

11.72

11.98

12.99

13.10

13.32

13.35

13.57

15.05

15.08

15.20

15.50

15.56

15.57

16.10

16.14

16.45

17.68

21.71

22.14

23.55

24.15

28.06

29.77

36.42

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00


Perpetual Energy

Pine Cliff Energy

Enerplus Corp

Crew Energy


Bonavista Energy



Kelt Exploration

Twin Butte Energy

Pengrowth Energy

Advantage Oil & Gas

NuVista Energy

Paramount Resources

Tourmaline Oil Corp

Surge Energy

Trilogy Energy

Birchcliff Energy

Cardinal Energy

Baytex Energy

ARC Resources

Peyto Exploration

Seven Generations

Northern Blizzard

TORC O&G



Whitecap Resources

Bonterra Energy

RMP Energy


Q3/15 Field Netback ($/boe)Median: $15.07/boe

Formula:Revenue less: Royalties, Operating & Transportation Exp

Total Production in the Period





of 31



5.41

6.52

6.85

8.00

9.20

9.57

9.83

9.91

11.18

12.59

12.61

12.92

13.41

14.94

15.95

16.03

16.56

16.97

17.31

17.56

17.98

18.18

20.76

20.95

22.60

23.84

27.99

30.16

30.40

35.33

-$5.00 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00


Pine Cliff Energy


Paramount Resources

Kelt Exploration

Trilogy Energy

Bonavista Energy

Enerplus Corp

Crew Energy


Birchcliff Energy

Surge Energy

Baytex Energy

Advantage Oil & Gas

NuVista Energy


Seven Generations

Tourmaline Oil Corp

ARC Resources

Pengrowth Energy

Peyto Exploration

Northern Blizzard

TORC O&G

Twin Butte Energy

Cardinal Energy

Bonterra Energy

RMP Energy

Whitecap Resources



Q3/15 Corporate Netbacks with Hedging Breakdown ($/boe)Netback Median: $15.45/boe Hedging Median: $3.31/boe

Formula:Operating Netback Less: G&A & Interest Exp

Tota l Production in the Period

Corporate Netback

Hedging Netback

Not Shown:Perpetual Energy:Corp Netback -$1.14/boe

Hedging Netback -$1.24/boe





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-5%

-2%

-1%

0%

0%

0%

2%

3%

13%

14%

14%

17%

19%

21%

23%

23%

25%

32%

36%

36%

38%

38%

51%

52%

54%

55%

55%

55%

58%

63%

71%

-10% 0% 10% 20% 30% 40% 50% 60% 70% 80%

Kelt Exploration


Trilogy Energy

Pine Cliff Energy

Birchcliff Energy

Bonterra Energy


RMP Energy

Surge Energy


TORC O&G

Peyto Exploration

Tourmaline Oil Corp

Paramount Resources

ARC Resources

Advantage Oil & Gas

Baytex Energy

Whitecap Resources

NuVista Energy


Northern Blizzard

Seven Generations

Cardinal Energy


Enerplus Corp

Bonavista Energy


Crew Energy


Twin Butte Energy

Pengrowth Energy

Q3/15 Hedging Gains as a % of Corporate NetbacksMedian: 23%





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2.16

2.64

6.49

6.83

7.23

7.74

7.81

8.72

8.96

9.62

9.84

9.90

10.38

10.45

10.51

11.03

11.52

11.72

11.77

11.79

12.03

12.06

12.76

13.71

15.12

15.18

15.25

15.60

18.27

20.15

20.60

22.44

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00

Advantage Oil & Gas

Peyto Exploration

Tourmaline Oil Corp

Birchcliff Energy

Seven Generations

Bonavista Energy



Pine Cliff Energy

ARC Resources

Perpetual Energy

Paramount Resources

Crew Energy

RMP Energy


Whitecap Resources

Trilogy Energy

Enerplus Corp

Baytex Energy

Kelt Exploration


Bonterra Energy


NuVista Energy

Pengrowth Energy


Surge Energy

TORC O&G

Northern Blizzard

Twin Butte Energy

Cardinal Energy


Q3/15 Operating & Transportation Expenses ($/boe)Median: $11.27/boe

Formula:Operating and Transportation Expenses






of 31



0.11

0.56

0.66

0.82

0.97

0.98

1.08

1.18

1.19

1.21

1.34

1.41

1.43

1.45

1.57

1.59

1.62

1.70

1.73

1.76

1.85

2.06

2.21

2.24

2.29

2.37

2.43

2.53

2.71

3.02

3.55

3.75

$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00

Peyto Exploration

Tourmaline Oil Corp

Advantage Oil & Gas

Kelt Exploration

Paramount Resources

Seven Generations

Pine Cliff Energy


Birchcliff Energy

Bonavista Energy


Whitecap Resources

ARC Resources

Trilogy Energy


Bonterra Energy

RMP Energy


TORC O&G

Surge Energy

Baytex Energy

Crew Energy

Twin Butte Energy

Enerplus Corp

Northern Blizzard

Perpetual Energy

NuVista Energy

Cardinal Energy




Pengrowth Energy

Q3/15 G&A Expense ($/boe)Median: $1.61/boe





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7.63

9.82

10.26

10.37

11.70

11.81

12.35

12.69

12.90

13.64

14.82

14.83

15.13

17.13

17.69

18.53

18.55

19.23

19.46

20.38

21.40

21.50

21.56

21.75

22.01

22.19

23.09

26.13

26.73

28.99

30.25

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00


Birchcliff Energy

Peyto Exploration

Advantage Oil & Gas

Tourmaline Oil Corp


Bonavista Energy

Perpetual Energy

Enerplus Corp

Seven Generations

NuVista Energy

ARC Resources

Crew Energy

Pine Cliff Energy

Pengrowth Energy

Trilogy Energy

Northern Blizzard


Surge Energy


Twin Butte Energy

Baytex Energy

Cardinal Energy

Kelt Exploration

Bonterra Energy

Whitecap Resources


TORC O&G

Paramount Resources



Q3/15 Depletion, Depreciation & Accretion Expenses ($/boe)Median: $18.54/boe

Formula:Depletion, Depreciation & Accretion Expenses


*Not including impairment charges





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11,554

23,089

23,376

23,416

23,692

23,774

28,877

29,015

32,739

33,168

33,882

37,928

38,388

38,733

41,508

47,177

49,632

50,700

50,801

51,804

55,229

55,618

59,918

60,456

65,718

67,633

73,717

75,406

81,560

83,110

101,966

136,865

$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000

Perpetual Energy

Pine Cliff Energy


Bonavista Energy

Twin Butte Energy

Enerplus Corp

RMP Energy




Pengrowth Energy

Baytex Energy

Birchcliff Energy

NuVista Energy

Northern Blizzard

Tourmaline Oil Corp

Kelt Exploration

Crew Energy

Trilogy Energy

Surge Energy


Paramount Resources

Cardinal Energy

Advantage Oil & Gas

Peyto Exploration

ARC Resources

TORC O&G


Seven Generations

Bonterra Energy

Whitecap Resources


Q3/15 Production Multiples ($/boe/d)EV/boe/d Median: $48,404/boe MC/boe/d Median: $26,441/boe

Definition:The blue bars show the company's enterprise value in

relation to Q3 production. The red bars indicate the market capi talization to Q3 production. The difference between the two bars is the comapny's net debt.

Formula:Market Cap + Net Debt

Average Production in BOE

Note: Share price at close on November 30, 2015





of 31



2.9x

4.7x

4.8x

5.1x

5.2x

5.4x

5.5x

6.5x

6.7x

6.8x

7.4x

8.3x

9.0x

9.2x

9.3x

9.4x

9.5x

9.6x

9.9x

10.3x

10.4x

10.5x

10.9x

11.0x

12.3x

13.0x

14.0x

14.4x

15.0x

18.2x

18.8x

0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x

Twin Butte Energy

RMP Energy

Bonavista Energy


Pengrowth Energy

Enerplus Corp

Northern Blizzard

NuVista Energy


Cardinal Energy

Baytex Energy

Birchcliff Energy

Tourmaline Oil Corp

Whitecap Resources

TORC O&G


Bonterra Energy

Pine Cliff Energy

Peyto Exploration

Surge Energy

ARC Resources


Advantage Oil & Gas


Crew Energy

Seven Generations

Kelt Exploration

Trilogy Energy



Paramount Resources

Annualized Q3/15 Cash Flow MultiplesEnterprise Value/CF Median: 9.4x Market Cap/CF Median: 6.3x


relation to annualized cash flow. The red bars indicate the market capitalization to annualized cash flow. The difference between the two bars i s the comapny's net debt.

Formula:Enterprise Value

Cash Flow for Period x 4


Annualized CF Multiple (Not Shown):Perpetual EnergyEV/CF: -22.7x

MC/CF: -3.5x





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0.3x

0.4x

0.6x

1.3x

1.4x

2.8x

2.8x

2.8x

3.1x

3.9x

4.0x

4.6x

4.7x

4.9x

6.1x

6.3x

6.4x

6.8x

7.1x

7.2x

7.4x

8.0x

8.1x

8.4x

8.7x

9.0x

9.2x

9.9x

10.4x

11.3x

15.9x

0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x



Twin Butte Energy

Pengrowth Energy

Bonavista Energy

RMP Energy

Baytex Energy

Enerplus Corp

Northern Blizzard




Birchcliff Energy

NuVista Energy

Cardinal Energy

Bonterra Energy

Paramount Resources

Trilogy Energy

Tourmaline Oil Corp

TORC O&G

Whitecap Resources

Peyto Exploration

Surge Energy

Pine Cliff Energy

Advantage Oil & Gas

ARC Resources

Crew Energy


Seven Generations

Kelt Exploration


Price to Q3/15 Annualized Cash FlowMedian: 6.3x

Formula:Share Price



P/CF Multiple (Not Shown):Perpetual EnergyP/CF: -3.5x





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0.6x

0.7x

1.2x

1.4x

1.6x

1.8x

1.9x

1.9x

1.9x

2.0x

2.1x

2.2x

2.2x

2.3x

2.3x

2.4x

2.6x

2.7x

2.7x

3.1x

3.2x

3.4x

3.6x

3.9x

4.6x

4.8x

6.8x

7.6x

9.0x

11.0x

12.4x

0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x


Cardinal Energy

Pine Cliff Energy

ARC Resources

NuVista Energy

Whitecap Resources

Tourmaline Oil Corp

Peyto Exploration

RMP Energy

TORC O&G

Surge Energy

Advantage Oil & Gas



Twin Butte Energy

Northern Blizzard

Seven Generations

Enerplus Corp

Kelt Exploration

Crew Energy

Bonterra Energy

Bonavista Energy

Birchcliff Energy

Pengrowth Energy

Baytex Energy



Trilogy Energy



Paramount Resources

Q3/15 Net Debt to Annualized Cash FlowMedian: 2.4x

Formula:Net Debt


D/CF Multiple (Not Shown):Perpetual Energy: -19.2





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0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00

Pri

ce /

Ca

sh F

low

Corporate Netback ($/boe)

Price/CF vs Corporate NetbackCorp Netback Median: $15.95/boe Price/CF Median: 6.31x

NVA

KEL

LTSTBE

CR

BNE

LRE

ERF

BNP

AAV

PEY

TOU

POU

TET

BXE

ARX

SGY

BIR

PGF

PWT

CPG

BTE

TOG

VII

RMP

PPY

WCP

Perpetual Energy (Not Shown):P/CF: -3.5xCorporate Netback: $-1.14/boe

NBZ

CJ

RRX

PNE





of 31



0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00

EV /

Pro

du

ctio

n

Field Netback ($/boe)

Field Netback vs EV/Boe/dNetback Median: $15.07/boe EV/Boe/d Median: $48,404/boe

ERF

LTS

BXE

PGF

VII

PWT

ARX

BTE

SGYTET

BNE

TOU

CPG

POU

PMT

AAV

NVA

PEY

TBE

BIR

BNP

CRKEL

TOG

WCP

PPY

RMP

LRE

CJ

NBZ

RRX

PNE





of 31



0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00

EV/D

AC

F (L

ess

Hed

gin

g)


EV/DACF (Less Hedging) vs Field NetbackEV/Adj. DACF Median: 9.4x Field Netback Median: $15.08/boe

NVA

KEL

LTS

TBE

CR

BNE

LREERF

BNP

AAV

PMT

PEY

TOU

POU

TET

BXE

ARX

SGY

BIR

PGF

PWT

CPGBTE

TOG

VII

RMP

PPY

WCP

Perpetual Energy (Not Shown):EV/Adj. DACF: 374.9xField Netback: $7.10/boe

NBZ

CJ

RRX

PNE





of 31



531

679

703

710

762

799

951

1,244

1,470

1,476

1,934

2,113

2,157

2,167

2,842

3,585

3,607

3,644

3,933

4,435

4,513

4,596

4,703

4,900

5,430

6,542

6,974

7,888

8,042

8,717

8,822

9,293

9,655

9,787

0 2,000 4,000 6,000 8,000 10,000 12,000

Leucrotta Exploration

Hemisphere Energy

Hawk Exploration

Toro Oil & Gas

Tuscany Energy

LGX O&G

Traverse Energy

Canamax Energy

Virginia Hills Oil Corp

Quattro Exploration

Questerre Energy

Strategic O&G

Yangarra Resources

Anderson Energy

Striker Exploration

Arsenal Energy

Eagle Energy Trust

Granite Oil Corp

Rock Energy

Manitok Energy

Zargon O&G

Questfire Energy

Marquee Energy

Chinook Energy

Gear Energy

Ikkuma Resources

Boulder Energy

Delphi Energy

Spartan Energy

Tamarack Valley

Cequence Energy

Spyglass Resources

Storm Resources

Journey Energy

Q3/15 Production (boe/d)Median: 3,625 boe/d

Junior Charts:

Source: Company Reports, Acumen Capital

*Figures Subject to Rounding





of 31



3%

17%

18%

23%

25%

28%

30%

30%

40%

45%

45%

48%

49%

53%

54%

57%

58%

58%

62%

62%

75%

75%

76%

77%

78%

79%

81%

92%

95%

95%

96%

97%

97%

98%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Ikkuma Resources

Cequence Energy

Storm Resources

Quattro Exploration

Questfire Energy

Delphi Energy


Chinook Energy

Spyglass Resources

Anderson Energy

Marquee Energy

Yangarra Resources

Traverse Energy

Manitok Energy

Journey Energy

Questerre Energy

Tamarack Valley

Toro Oil & Gas

Striker Exploration

Canamax Energy

Hemisphere Energy

Tuscany Energy

Strategic O&G

LGX O&G

Boulder Energy

Arsenal Energy

Zargon O&G

Granite Oil Corp

Eagle Energy Trust

Spartan Energy


Rock Energy

Hawk Exploration

Gear Energy

Q3/15 Production Mix - Oil & NGL Weighting (%)Median: 58%





of 31



1.38

2.42

5.81

5.97

6.47

8.09

8.22

8.36

8.65

8.71

8.81

9.32

11.22

11.33

11.61

11.70

12.60

12.96

16.57

16.61

16.66

16.78

17.53

17.98

18.08

18.92

19.27

19.41

20.96

21.91

22.06

22.29

23.17

24.61

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00

Toro Oil & Gas


Ikkuma Resources

Delphi Energy

Chinook Energy

Manitok Energy

Storm Resources

Marquee Energy

Questfire Energy

Cequence Energy

Hawk Exploration

Spyglass Resources

Zargon O&G

Strategic O&G

Journey Energy

Quattro Exploration

Canamax Energy

Tuscany Energy

Gear Energy

Arsenal Energy

LGX O&G

Tamarack Valley

Hemisphere Energy

Yangarra Resources

Striker Exploration

Anderson Energy


Traverse Energy

Eagle Energy Trust

Questerre Energy

Boulder Energy

Spartan Energy

Rock Energy

Granite Oil Corp

Q3/15 Field Netback ($/boe)Median: $12.78/boe

Formula:Revenue less: Royalties, Operating & Transportation Exp






of 31



0.06

1.55

3.52

3.59

3.94

3.97

4.31

5.38

5.75

6.18

6.54

6.69

8.46

8.55

8.90

8.98

10.95

13.12

13.53

14.37

14.39

15.52

16.48

17.59

17.91

18.11

19.39

20.67

21.68

23.77

26.00

44.18

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00

Anderson Energy

Chinook Energy

Tuscany Energy

Questfire Energy

Ikkuma Resources


Strategic O&G

Marquee Energy

Spyglass Resources

Cequence Energy

Hawk Exploration

Quattro Exploration

LGX O&G

Journey Energy

Zargon O&G

Storm Resources

Hemisphere Energy

Canamax Energy

Delphi Energy

Gear Energy

Striker Exploration

Manitok Energy

Traverse Energy

Arsenal Energy

Tamarack Valley

Questerre Energy

Spartan Energy

Yangarra Resources

Eagle Energy Trust

Boulder Energy

Rock Energy

Granite Oil Corp

Q3/15 Corporate Netbacks with Hedging Breakdown ($/boe)Netback Median: $9.97/boe Hedging Median: $2.14/boe

Corporate Netbacks <$0/boe:Toro Oil & GasLeucrotta Exploration

Formula:Operating Netback Less: G&A & Interest Exp


Corporate Netback

Hedging Netback





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0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

6%

13%

19%

22%

24%

25%

30%

31%

32%

33%

33%

38%

46%

51%

52%

55%

56%

56%

63%

70%

84%

-10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Quattro Exploration


Anderson Energy

Traverse Energy

Toro Oil & Gas

Hemisphere Energy

Tuscany Energy

LGX O&G

Spartan Energy

Striker Exploration

Questerre Energy

Gear Energy

Journey Energy

Boulder Energy

Ikkuma Resources

Storm Resources

Tamarack Valley

Rock Energy

Arsenal Energy

Yangarra Resources

Cequence Energy

Questfire Energy

Hawk Exploration

Granite Oil Corp

Eagle Energy Trust

Canamax Energy

Marquee Energy

Chinook Energy

Zargon O&G

Spyglass Resources

Delphi Energy

Q3/15 Hedging Gains as a % of Corporate NetbacksMedian: 25%

Hedging Gains Greater than 100% of Corporate Netbacks:Manitok Energy

Strategic Oil & GasVirginia Hills Oil Corp





of 31



6.93

8.77

8.83

8.87

11.08

11.67

12.33

12.50

12.66

12.71

12.89

13.09

13.24

14.05

14.29

14.41

14.63

15.25

15.89

16.30

16.88

17.43

17.44

17.53

17.69

18.40

19.51

19.82

20.06

21.95

22.67

23.53

29.84

29.85

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00

Granite Oil Corp

Yangarra Resources

Storm Resources

Anderson Energy

Ikkuma Resources

Boulder Energy

Questerre Energy

Striker Exploration

Cequence Energy

Hemisphere Energy

Questfire Energy

Quattro Exploration

Traverse Energy

Tamarack Valley

Delphi Energy

Rock Energy


Journey Energy

Spyglass Resources

Arsenal Energy

Chinook Energy

Manitok Energy

Spartan Energy

Gear Energy

Marquee Energy

Tuscany Energy

Eagle Energy Trust

Canamax Energy

Hawk Exploration

Zargon O&G

Strategic O&G

LGX O&G

Toro Oil & Gas


Q3/15 Operating & Transportation Expenses ($/boe)Median: $14.94/boe

Formula:Operating and Transportation Expenses






of 31



1.07

1.30

1.50

1.67

1.80

1.90

1.93

2.16

2.53

2.60

2.66

2.76

2.80

2.86

2.94

2.94

3.09

3.25

3.51

3.63

4.15

4.28

4.32

4.38

4.38

4.39

5.66

5.74

6.47

6.85

8.08

8.68

12.8124.38

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00

Storm Resources

Yangarra Resources

Delphi Energy

Boulder Energy

Ikkuma Resources

Granite Oil Corp

Spartan Energy

Tamarack Valley

Cequence Energy

Traverse Energy

Gear Energy

LGX O&G

Journey Energy

Questfire Energy

Rock Energy

Arsenal Energy

Striker Exploration

Spyglass Resources

Quattro Exploration

Hawk Exploration

Marquee Energy

Zargon O&G

Questerre Energy

Manitok Energy

Hemisphere Energy

Chinook Energy

Canamax Energy

Anderson Energy

Strategic O&G


Tuscany Energy

Eagle Energy Trust

Toro Oil & Gas


Q3/15 G&A Expense ($/boe)Median: $3.17/boe





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6.64

7.09

7.78

9.43

10.27

10.71

11.78

12.85

12.95

14.17

14.31

16.11

16.54

16.55

16.76

17.55

18.28

18.83

19.00

19.14

19.47

19.66

20.38

20.78

21.14

21.38

21.66

22.37

22.82

24.63

26.18

27.53

30.03

37.12

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00

Questfire Energy

Quattro Exploration

Ikkuma Resources

Storm Resources

Delphi Energy

Spyglass Resources

Cequence Energy

Yangarra Resources

Journey Energy

Manitok Energy


Canamax Energy

Chinook Energy

Questerre Energy

Hawk Exploration

Tamarack Valley

Marquee Energy

Tuscany Energy

Granite Oil Corp

Boulder Energy

Rock Energy

Hemisphere Energy

Zargon O&G

Arsenal Energy

Traverse Energy

Anderson Energy

Striker Exploration

Gear Energy

LGX O&G

Eagle Energy Trust

Strategic O&G


Spartan Energy

Toro Oil & Gas

Q3/15 Depletion, Depreciation & Accretion Expenses ($/boe)Median: $18.55/boe

Formula:Depletion, Depreciation & Accretion Expenses


*Not including Impairment charges





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164,174

304,939

7,289

12,255

12,425

14,001

14,561

15,127

17,687

17,767

19,504

19,656

20,778

21,512

22,319

23,320

28,481

30,977

31,317

31,554

32,111

32,442

33,219

33,499

40,384

40,631

42,094

43,629

45,046

46,264

51,131

52,233

77,479

85,091

90,991

$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000

Quattro Exploration

Ikkuma Resources

Striker Exploration

Chinook Energy

Cequence Energy

Tuscany Energy

Journey Energy

Questfire Energy

Spyglass Resources

Hawk Exploration

Gear Energy

Manitok Energy

Arsenal Energy

Marquee Energy

Hemisphere Energy

Toro Oil & Gas

Traverse Energy

Delphi Energy

Eagle Energy Trust

Canamax Energy

Rock Energy

Zargon O&G

Anderson Energy

Boulder Energy

LGX O&G

Questerre Energy

Tamarack Valley

Yangarra Resources

Strategic O&G

Storm Resources


Granite Oil Corp

Spartan Energy

Q3/15 Production Multiples ($/boe/d)EV/Boe/d Median: $31,436/boe MC/Boe/d Median: $12,561/boe


relation to Q3 production. The red bars indicate the market

capitalization to Q3 production. The difference between the two bars is the comapny's net debt.

Formula:Market Cap + Net Debt

Average Production in BOE

Note: Share price at close on December 2, 2015

Not Shown:Leucrotta ExplorationEV/Boe/d: $164,174

MC/Boe/d: $304,939





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2.4x

3.0x

3.3x

3.6x

3.6x

3.8x

4.0x

4.2x

4.6x

5.0x

5.2x

5.3x

6.0x

6.2x

6.7x

6.7x

6.8x

6.8x

7.4x

7.8x

7.9x

9.2x

10.5x

10.9x

11.5x

12.8x

14.0x

15.0x

15.8x

24.1x

26.3x

26.4x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x

Striker Exploration

Quattro Exploration

Rock Energy

Arsenal Energy

Manitok Energy

Gear Energy

Eagle Energy Trust

Traverse Energy

Boulder Energy

Journey Energy

Chinook Energy

Granite Oil Corp

Yangarra Resources

Cequence Energy

Delphi Energy

Tamarack Valley

Hemisphere Energy

Questerre Energy

Ikkuma Resources

Questfire Energy

Hawk Exploration

Spyglass Resources

Marquee Energy

Tuscany Energy

Zargon O&G

Spartan Energy

LGX O&G

Canamax Energy

Storm Resources

Strategic O&G

Anderson Energy


Annualized Q3/15 Cash Flow MultiplesEnterprise Value/CF Median: 6.8x Market Cap/CF Median: 2.8x


relation to annualized cash flow. The red bars indicate the market capitalization to annualized cash flow. The difference between the two bars i s the comapny's net debt.

Formula:Enterprise Value



Negligible Cash Flow from Operations:Leucrotta ExplorationToro Oil & Gas





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0.3x

0.5x

0.5x

0.7x

1.2x

1.4x

1.5x

1.5x

1.7x

1.7x

1.8x

1.9x

2.0x

2.3x

2.3x

2.8x

2.8x

3.1x

3.2x

3.7x

4.1x

4.5x

4.5x

4.6x

4.7x

4.9x

5.5x

8.3x

11.2x

12.1x

14.5x

14.5x

0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x

Spyglass Resources

Anderson Energy

Manitok Energy


Arsenal Energy

Gear Energy

Questfire Energy

LGX O&G

Striker Exploration

Rock Energy

Eagle Energy Trust

Journey Energy

Hawk Exploration

Quattro Exploration

Boulder Energy

Yangarra Resources

Zargon O&G

Hemisphere Energy

Delphi Energy

Cequence Energy

Tuscany Energy

Ikkuma Resources

Traverse Energy

Granite Oil Corp

Questerre Energy

Tamarack Valley

Marquee Energy

Chinook Energy

Spartan Energy

Strategic O&G

Canamax Energy

Storm Resources

Price to Q3/15 Annualized Cash FlowMedian: 2.8x

Formula:Share Price



Negligible Cash Flow from Operations:Leucrotta ExplorationToro Oil & Gas





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0.5x

0.7x

0.7x

0.7x

1.3x

1.5x

1.6x

1.8x

2.1x

2.1x

2.3x

2.4x

2.4x

2.6x

3.0x

3.0x

3.2x

3.2x

3.5x

3.7x

5.0x

6.0x

6.3x

6.8x

8.7x

8.9x

12.0x

12.6x

25.7x

25.8x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x

Chinook Energy


Toro Oil & Gas

Traverse Energy

Canamax Energy

Quattro Exploration

Striker Exploration

Granite Oil Corp

Storm Resources

Spartan Energy

Rock Energy

Tamarack Valley

Eagle Energy Trust

Questerre Energy

Boulder Energy

Arsenal Energy

Gear Energy

Cequence Energy

Ikkuma Resources

Manitok Energy

Journey Energy

Yangarra Resources

Delphi Energy

Hemisphere Energy

Marquee Energy

Hawk Exploration

Questfire Energy

Tuscany Energy

Zargon O&G

Spyglass Resources

Strategic O&G

LGX O&G


Anderson Energy

Q3/15 Net Debt to Annualized Cash FlowMedian: 3.0x

Formula:Net Debt

Cash Flow for Period x 4 Pos i tive Working Capital





of 31



0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00

Pri

ce /

Ca

sh F

low

Corporate Netback ($/boe)

Price/CF vs Corporate NetbackCorp Netback Median: $9.97/boe Price/CF Median: 2.7x

MEI

ZAR

TVL

RE

TVE

AEI

YO

MQL

YGR

EGLJOY

DEE

TUS QEC

Q/A

HME

CAC

SPESOG

OIL

SRX

HWK

GXE

CKE

QXP

Negative or Negligible Cash Flow from Operations:Leucrotta Exploration

Toro Oil & Gas

IKM

VHO

SGLAXL

SKX

GXO

CQE

BXO





of 31



0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

0.00 5.00 10.00 15.00 20.00 25.00

EV /

Pro

du

ctio

n


Field Netback vs EV/boe/dNetback Median: $12.78/boe EV/boe/d Median: $31,002/boe

MEI

ZAR

TVL

RE

TVE

AEIMQL

YGR

EGLDEE

JOY

HWK

QEC

TOO

Q/A

HME

CQE

AXL

VHO

SOG

CKE

OIL

BXO

SRX

QXP

TUS

GXE

GXO

CAC

Not Shown on Chart:Leucrotta ExplorationField Netback: $2.42/boe

EV/Production: $148,616/boe/d

SPE

IKM SKX

SGL





of 31



EV/DACF (less hedging)

0.0x

5.0x

10.0x

15.0x

20.0x

0.00 5.00 10.00 15.00 20.00 25.00

EV/D

AC

F (L

ess

Hed

gin

g)


EV/DACF (Less Hedging) vs Field NetbackEV/Adj. DACF Median: 7.0x Field Netback Median: $14.77/boe

MEI

ZAR

TVL

RE

TVE

AEI

MQL

YGR

EGL

DEE

TUS

QEC

JOY

Q/A

HME

CAC

SPE

SOG

OIL

SRX

HWK

GXE

CKE

QXP

Negative or Negligible Cash Flow from Operations:Leucrotta Exploration

Toro Oil & Gas

IKM

VHO

SGL

AXL

SKX

GXOCQE

BXO





of 31



ACUMEN CAPITAL | STAFF LIST

RESEARCH

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INSTITUTIONAL SALES

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