2 years ago

IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso

IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso

Junior coMpariSonQ2

Junior coMpariSonQ2 proDuction (Boe/D)Median = 2,060 boe/dEqualVeroDelphiAndersonBellatrixFreeholdAngleBlackPearlTerraTwinButteBonterraLegacyEmergeOrionOpenRangeOrleansRockSeaviewCequenceProspExSondeInsigniaCinchPaintedPonyBellamontCrocottaWestFireYohoSurgeArsenalWaldronArcanMidwayArtekWildStreamFortressMontereyGreatPlainsTriOilSecondWaveArgosyCulaneWhitecapIronhorseRenegadeNuLochWranglerWestExallPetro-ReefNovusSureTamarackTwocoDeeThreeIntlSovereignDejourPalliserBowoodDiaz5995365285287379649518538397947747717367146599809369251,0981,4391,4171,9271,7701,9431,7441,6711,6651,6622,0602,0432,5352,5322,5152,4482,3732,2702,2582,8922,8713,2213,1973,0864,4644,4244,0533,9563,7205,7335,7176,5316,4897,2907,1637,7327,6717,6558,0359,010a persistent crowd9,570For this report, “junior” oil and gas companies are limited to thosewith production from 500 barrels of oil equivalent per day (boe/d)to 9,999 boe/d. Other parameters are included on the previouspage. Enterprise valuations for these companies range from a lowof about $10 million all the way up to a billion dollars.“Intermediate” and “emerging” domestic companies are featuredin sections beginning on page 30 and 48 respectively. A sectionon Canadian-based international companies is found startingon page 42.Over the years, the number of companies meeting our juniorcriteria fluctuates, however there are always new names to replacethose that get lost to the steady flow of mergers and acquistions.Overall, this sector has proven it will persist and evolve throughthe changing environment. See our “Wheeling and Dealing”section on page 4 for a list of recent transactions.0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,0006BRYAN MILLS IRADESSO • i Q . BMir.coM

Q2 proDuction Mix — natural gaS WeigHting (%)Median = 65%TwocoFortressTamarackDeeThreeCinchBowoodOpenRangeSeaviewArgosyOrleansCequenceSureYohoPetro-ReefAndersonIntlSovereignIronhorseProspExDiazDelphiVeroSondeWaldronTerraInsigniaMontereyBellatrixCrocottaArtekWranglerWestBellamontAngleNovusTriOilTwinButteWestFireWhitecapOrionMidwayEqualGreatPlainsDejourFreeholdPitdP PaintedPonyRockSecondWaveBonterraNuLochSurgeCulaneArsenalArcanWildStreamExallPalliserBlackPearlLegacyRenegadeEmerge1349121413131825283032333538394247474852555858585761636568737376767679797882818080818584848786868888929191shifting from gas to oil989899100For a substantial amount of time, oil has been the commoditywith more attractive economics, however from a volumesstandpoint, natural gas has been the commodity with a higherweighting by volume for juniors. Finally this appears to bechanging. The median natural gas weighting has dropped from75% in Q3 2009, to 71% in Q1 2010, to 65% this most recentquarter. This is probably a good thing for the short-term financialhealth of this sector.As is standard, we convert natural gas into oil equivalence byusing a ratio of six thousand cubic feet (mcf) of natural gasto one barrel of oil equivalent (boe). This ratio comes from anenergy equivalence at the burner tip. To put this calculation intoperspective, if we were to base the equivalency ratio on spotmarket pricing, it would take around 20 mcf to equate to eachbarrel of oil.forMulaavg. natural gas production per day (boe/d)avg. total productionJunior coMpariSon0 10 20 30 40 50 60 70 80 90 100Q uarterlY report : Q2 2010 7

IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso
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