Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
SECURITY DELETIONS
Dl Date Symbol Company Name Effective Date/Comments
8/10/2007 CZEKF CHOICE RESOURCES CORP Ordinary Shares 8/13/2007 Amalgamation **
http://www.otcbb.com/asp/dailylist_search.asp?DirectSymbol=CZEKF&OTCBB=ALL
Choice filed annual report. Made .09 with .23 cashflow vs .84 stock price. Mentioned Kakwa but said there were several high impact wells that needed additional testing before releasing results. No hints about success but it seems to me that Kakwa was definitely downplayed. Could be bad news but hard to tell. Bobwins
http://www.oilpatchupdates.com/news-reader.asp?ID=29786
Also someone on stockhouse said they talked with CEO and Kakwa results not expected until end of June due to completion of well and testing of different zones. Bobwins
another update from the Australian partner
http://www.far.com.au/files/asxannounce/Elodge%20ID337868%2024May06%20-%20Global%20Drilling%20Update...
Choice appears to be busy. Check out this link from one of their drilling partners on a deep well at Kakwa.
http://www.far.com.au/dschedule/default.asp?id=0
They have 40% of this well and it looks to be in the same class as Pincher Creek. Possibility of 15mmcfpd????? Bigger prospect on the same property????
If this well comes in and the merger with Deep goes thru, Choice could come close to doubling their production in one swell foop before the end of summer.
Bobwins
biotplaya.... re Choice. I'm not sure if you can buy it in Canada thru Schwab. You would have to call them. I couldn't thru Ameritrade so went to Interactive Brokers.
I did buy all my Choice thru the pink sheet route so I am holding the pink sheet version. Since December, I have been buying the Canadian versions of all stocks that I could but bought all the Canadian juniors for medium term holds so didn't expect to trade them.
Bobwins
I think I goofed buying Choice as a .PK, too little activity. Is there a way to pick it up as CVE.V? I trade via Schwab. Thx Bob..brgs, biot
LOL!!! "a little pop"????
I think we will see the benefits of the Pincher Creek well this year. You can tell by the aggressive drilling program that the company has a steady source of cashflow that will allow them to self finance drilling and increase production.
A successful second Pincher Creek well will really help, especially if they retain the higher percentage of the well.
I think the drilling program is going to show good gains in production this year. Once they pass 2000boepd, they will become a candidate for purchase by a trust. The increased production should improve cashflow quicker than last year and the stock price should follow. I bought more Choice recently after they announced the drilling program. Bobwins
Bobwins,
What is you current read on CZE? Are you still bullish? I am up, so I can't complain but a little pop would be helpful for the contest.
Mat
BW: Great news, thanks for posting the information. CZE is clearly making systematic progress and I look forward to their next earnings report. Surely the pps will reflect the progress in the near future.
Mat
Choice Announces Activity Update and Increase in Capital Program for the February 2007 Fiscal Year
CALGARY, ALBERTA, Feb 16, 2006 (CCNMatthews via COMTEX) --
Choice Resources Corp. (TSX VENTURE:CZE): Gord Harris, President and CEO, reports that the Corporation is nearing completion of its previously announced winter drilling program. Choice currently has three drilling rigs operating in Viking, Snipe Lake and Brewster.
The Corporation has budgeted to spend $33 million in the next fiscal year comprised of approximately 25% towards exploration. This program will be comprised of 40 gross and 35 net wells, land acquisition and seismic. The program will be funded from internal cash flow and working capital.
At Viking the Corporation has drilled and cased 5 wells and expects to complete and tie-in 7 wells before the end of February. Further, as a result of the 3D seismic program shot this past fall and with planned seismic to be shot in the next fiscal year the Corporation expects to drill a total of 25 new wells with an average working interest of 85%. The seven wells drilled to the end of February will tied-in to existing facilities and on production by the end of February or early March.
At Wallace/Snipe Lake 5 wells have been drilled and cased. These wells are being completed for testing and two more wells will be drilled before the end of February. Average working interest is approximately 50%.
At Brewster one well is being drilled at 25% working interest and is expected to be at total depth at the end of February. After testing, the rig will move to Kakwa where the company has a 40% interest in one well which will be drilled in March through April.
At Pincher Creek plans are underway to shoot a 3D seismic program in late spring. Other operations for the next fiscal year include the drilling of one well and the re-entry of two other wells. The re-entries will be done in late spring or early summer while the drilling of the third well will be in late summer or early fall. Choice working interest is 75%.
The drilling program is on target with the utilization of three drilling rigs. The exploration inventory continues to grow and the Corporation is adding exploration acreage in several new areas. There are over 18 drillable prospects in inventory and the Corporation has a drilling inventory of over 80 gross wells. In this inventory approximately 20% is exploration. On the exploitation side of the business, with the current wells being put on stream, it is expected that production will be between 1600 and 1700 boe/d by the end of February or in early March.
OT Intel
I have some of my portfolio in Intel and Microsoft that I bought after the crash in 2000, figuring they were at the bottom.
Here we are 5 years later and they haven't budged from the so-called bottom, although I did collect a $3 divvy from Microsoft.
Back on-topic:
Choice is one of my smaller holdings as I'm not as comfortable with their potential as I am with RGY or DCL. Doesn't mean that it can't turn out to be the most profitable one though.
Not all that difficult for an oil and gas company. Certainly depletion a non cash and very large charge can be manipulated in the short term (remember quarterly data is unaudited). As well how much information they release on current and future drilling and the likely effect on production volumes will have a significant effect on how investors react to the release. Perhaps they will give greater production guidance (guidance is very differential among energy companies). As for Intel, who cares, just another large cap teck going no where.
<And how would you get the stock price up before the warrants expire? Report a really good quarter!!! (I'm all for that)>
Is that all it takes for a stock price to go up??
Why doesn't every company just report a really good quarter?
Shame on Intel for not listening to you!
<g><g>
Re the warrants, they also state that they want to have the price subtantially exceed the dollar conversion price so as to have the warrant holders exercise their warrants and thus add money to the company's coffers but whether exercised or not there will be virtually no dilution from our perspective. And how would you get the stock price up before the warrants expire? Report a really good quarter!!! (I'm all for that)
Went over past releases today. Note too from their second quarter report (last quarter, I have my quarters mixed up in previous posts). About hedges "In September 2005 the company entered into another transaction entering into a costless collar with the floor and ceiling prices set at $11.00 to $19.00 for the winter months commencing in November 2005 and ending April 2006." These are AECO prices per 1000 Gigajoules. They normally do not hedge more than 25 % of production. But given January's average of $8.43 to date, the $11.00 will really help cash flow and earnings over this period of price weakness. The prices never got above $19 so this hedge is working well.
Warrants expiring as of 3/5/06 will be a biggie. 15 million warrants due to expire on that date. Note how Cze seems to hang around a buck. That's the exercise price. Every time it gets above a buck, they unload. After 3/5/06, that restraint will be gone. Hopefully the financials will support a much higher price.
Assuming q3 report is good, there might be a lot of churning around a buck in early/mid February and then positive price action after 3/6/06.
Obviously some part of those 15 million have been exercised but have no way of knowing how many until q3 report comes out. Bobwins
My timeline would include positive results from q3 and also the fact that they will likely have some results from the winter drilling program to report. I would think that they will have drilled 2 or 3 wells by now and have some test results to report with the q3 numbers so that we can get a good idea of q4 results.
Hopefully they will announce additional plans for Pincher Creek also. Bobwins
Last year they reported on January 27th for the quarter ending November.
My reworking of the financials shows them (optimistically) reporting 3.4 cents of earnings and 7.7 cents of cash flow for quarter 4. This has them selling at a very low annualized PE ratio and a very nice annualized PCF ratio as well, with the month of December and its much higher natural gas prices still not accounted for. I'm interested in CZE in part because they report before the others (their quarter ends November). I'm hoping they will pop on the earnings release and I can then divert some of the gains into later reporting (oil) stocks.
Remember average Canadian natural gas prices for the quarter ending November were 37 % higher than for the quarter ending August; plus they had operating cost and volume problems in the quarter ending August because of pipeline problems.
With a quarter ending November you can never tell when they might report but they have already reported changes to reserves, so it could be any day (for the quarter itself).
re cze. CZE is between news. It will take a bit for the Pincher well to contribute to financials plus we haven't had news about CZE winter drilling program. I think once those two things happen and contribute to cashflow, we will see a return to good action for CZE. Bobwins
Just a good buying opportunity. Buying at less than a dollar if and when someone will sell me CZE at that price. If you go back over latest financials, factor out the higher costs because of pipeline problems, factor in the increased production volume and higher product prices and I'm expecting a pretty good quarter. You have to watch the metrics you use as they have a higher reserve life than many of our other juniors.
CZE has been disappointing--with oil prices up, I would have thought share price would at least have held steady.
the news that caused the slide from 1.24$ to 0.90$ (about 30%)
I missed something...what was the disappointing news?
Very disappointed about insider selling
write the following Mail to Management:
"Dear Sirs,
as a longtime shareholder I'm sort of irritated (not to say annoyed) that Mr Steven Bruk sold a lot of shares just one day before the release of the disappointing news. In my opinion this is illegal insider selling because apparantly Mr Bruk misused some insider information to sell his stock to uninformed investors.
What do you intend to do against this sort of action that may harm the good reputation of Choice Resources.
Regards
Arturo Bechstone"
Bobwins,
Thanks very much for the thorough reply. I will be retaining my current position but not adding until I see more results from their drilling and recompletion program. Ultimately the added reserves will be more important than the short term production level. If energy prices continue to climb through the rest of this decade, keeping the reserves will be worth a lot more than selling them now.
I continue to add to my Rival holdings, even after the run up today. It is now one of my largest holdings (about five times as large as Choice) as it still looks the most undervalued junior given it's recent results and forecasts for additional near term production. As a group my entry into RGY, CZE and DZR (upon your recommendation) has worked out extremely well; those together with EGY (which since its last release is doing quite well), CFK and UNT have made the enegy field by far my largest winning sector. I have taken a little EGY and UNT off the table while adding to RGY and am still 40 % in energy. Would like to take some more off the table but all of these stocks still appear very undervalued to me at this time.
nutsaboutgolf2001.... called Choice CFO Steve Austin. Had a nice talk.
1. Total costs of well will likely come to over $9 million C$
2. Formula at 30% will likely last for about a year.
Gross revs on 3,000mcfpd X $10 less 18% royalty, less $1/mcf in operating costs = approx C$8.5million/yr
3. They picked the lowest risk site in the group. Had nearby offset well that has produced for 40 years. Shot 3D seismic and took a lot of time to decide best way to drill this well. Future wells will need more seismic. Partners in this well, may or may not be involved in future wells. They have options on specific sites but are not guaranteed participation. The entity that bought 25% of the Pincher Creek Unit would be included in all future drilling as well as any improvements that might come from recompletions.
4. He acknowledged that the production was less than they had hoped for. He said they got the reserves and the pressure to ensure long life and production but it will come out slower than they hoped. He said they didn't get the rock fractures they had hoped for. The reserves are important in terms of long term valuation for Choice.
5. The recompletions will likely involve horizontal drilling from existing well bores. This will be significantly less expensive than a new well. He estimated that if this had been a vertical well to 3800 meters, the cost would have been 3 million. The 600 meter horizontal added the additional 5 to 6 million in costs. They can improve production to the 3 to 4 million mcfpd at $5 million instead of 9. There are several wells currently operated by Choice in the Pincher Creek area that are recompletion candidates. The cheaper cost and higher percentages are very appealing here. On a recompletion, their only partner right now would be their 25% partner and Choice would be retain 75% working interest.
6. Initial net production to Choice will be 140-150boepd including NGL. After payout, that would increase to 200boepd. Their last reported production level was 1360boepd so the new well will add about 10% to production.
Overall, I was very pleased with the call. The recompletions look very interesting to me and should make 2006-7 good years for Choice along with the aggressive winter drilling program that could involve up to 24 wells in other core areas.
Bobwins
Bobwins, thanks for your prompt reply.
nuts re choice pincher creek.
Yes, you are right. They originally had 100% working interest in this Pincher Creek development. They sold off enough interests so that they only had to fund 19% of the well. Mgmt wanted to reduce the risk to Choice, just in case the well was not successful. They have brought the company back from poor financial condition and didn't want to jeopardize the progress.
You ask a good question. I am not sure if they have to recover their capital costs from the gross revs or net after costs before the 52.5% kicks in. During the payback period, they will get an extra 10% of the first 45% so they will get 34.5% during the payback period.
I couldn't find any statement of the well costs but $5 million is in my mind for some reason. The gross revs from the well at 3000mmcfpd would be over $10 million per year at $10/mcf. I think the 52.5% formula would be in effect within a year. I will call the company Friday and see if anyone is there to clarify this. Bobwins
Bob can you help me understand Choice's position
From a previous update: "Choice has a capital interest in this well of 19% with a 30% working interest before payout of the well costs and 52.5% after payout of the well capital. Choice will also receive a 10% gross over-riding royalty on 45% of production before payout reverting to the described working interest after payout."
The 19 % - does this mean they have to pay for 19 % of the costs to drill and develop this well?
Then they get 30 % of what - revenues less costs? until when? until all investors have received their capital back (Choice would receive their capital back before some of the others as they only put in 19 % of the capital). And then once everyone has received their capital back (or more in Choice's case), then Choice gets 52.5 % of what (revenues less operating costs?). And in addition (to the 30 % before payout) Choice receives 4.5 % of revenues (or of revenues less costs) before payout (as royalties).
Can you clarify the above for me. And do we have any idea of how much capital was expended on this well, how much production will be worth and how long it will take before they reach the 52.5 % payout level.
If you are as much in the dark about the ultimate financial ramifications as I am, not a big deal (don't worry about it).
Here it is, finally. I like the big winter drilling program plus more Pincher Creek later. bobwins
CALGARY, ALBERTA, Nov 23, 2005 (CCNMatthews via COMTEX) --
Choice Resources Corp. (TSX VENTURE:CZE) is pleased to report on the latest results from the Pincher Creek horizontal development well. Production rates of over 5 mmscf per day of raw production were achieved during the test period. In the opinion of management, after testing the well over a sustained period, the long-term raw gas deliverability is approximately 3 mmscf/d without compression. The flowing pressure during testing was 320 psig at the wellhead. In addition, the liquids yield varied between 10 and 30 barrels per million of raw gas during the test period. This represents between 30 and 90 barrels per day of condensate rich liquids. The net sales gas is calculated after taking 30% shrinkage on the gas due to the effects of CO2, H2S and liquids.
The remaining resource in place was estimated internally at 30 to 45 bcf of raw gas based on down-hole pressure data (this is an internal estimate and not done by an independent engineer). The well will be shut in for a final build-up in preparation for a year-end reserve report. Choice has a 30% working interest before payout and a 52.5% after payout in this well. Choice will also receive a 10% gross over-riding royalty on 45% of production before payout reverting to the described working interest after payout. In addition, processing and transportation fees of 45 cents/mcf will be received from non-unit owners.
This well has confirmed an independent fault block in an area with high pressures and high remaining reserves and will more than double the thru-put in the plant. This will reduce unit operating costs in the area and is also indicative of the under-exploited nature of this pool. As a result of this successful well, the Corporation has plans for the further exploitation of the Pincher Creek Unit with the conduct of a 3D seismic program, the drilling of two horizontal wells, the re-entry of two well bores and the re-completion of two other wells.
Management is very pleased with the results achieved to date and now has an inventory of projects at Pincher Creek to discuss with partners to determine the timing in the next budget year. In addition, plans are being finalized for an extensive winter drilling program commencing in early December. The Corporation expects to drill up to 9 wells in the Wallace/Snipe area and up to 15 wells in the Viking area this winter. More information will be available on this program in December once drilling commences.
sorry but that's 319 thousand barrels of NGL. Otherwise discounted future revs would be much higher. Bobwins
Bobwins,
This is too good to be true, hope it is not a misprint. They claims to have 319.2 mbbl of liquid ngas proven reserve. This should worth about $3B if you give a value of $10/bbl. The company only have 59m shares outstanding. That comes to $50/share?
Tell me if I miss anything!
cl001... this is a good report for cze. Actually what happened is that the actual P&P reserves declined due to the sale of the interest in Pincher Creek. We had 100% in the previous report and sold off portions to two? different buyers so that we end up with 52.5% after costs are recovered.
There was a decline in P&P ngas from 30,107mmcf to 24,122. However the big change was in the NPV of Future Net Revs. This number at 10% discounted BEFORE Income Taxes went UP from $61,269,000 to 81,478,000 due to increased price forecasts. A nice 33% pop.
As far as Ngas liquids, they are equivalent to light sweet crude. The pricing is similar because they are highly valued by refineries to increase the value of various refined products.
Price seems to be reacting positively and that's the bottom line. I don't think Choice hit a gusher at Pincher but I am guessing that it is commercial and will lead to further drilling at their holdings in the area. Due to the undervaluation of cze, I think Pincher is a winner as long as it's commercial. Cze laid off most of the risk and still ends up with 52.5% of the production. Smart risk management that bodes well for us because it probably means we have good managers who are here for the long run and working towards sustainable growth. Would have been more exciting if they had rolled the dice but I think we will get more long term value if they continue on their current course and make smart decisions along the way. Bobwins
Bobwins, your take on the recent release?
http://biz.yahoo.com/ccn/051103/200511030295171001.html?.v=1
It look like we have a huge winner here. Choice worth at least 3 CAN here based on reserve size.
How do you value the 319 mbbl proven liquid ngas?
thanks for that great report eom
FYI
Choice Announces Second Quarter Financials
10/27/05
CALGARY, ALBERTA, Oct 27, 2005 (CCNMatthews via COMTEX) --
Choice Resources Corp. (TSX VENTURE:CZE):
Six months ended August 31, 2005
President's message:
For the six month period;
- Net debt inclusive of working capital deficiency is reduced by 75% to $4.31 million
- Bank Debt has been reduced 95% to $0.65 million.
- Interest expense has been reduced 49%
- The Pincher Creek horizontal well was spud in August and completion operations are underway.
- The Company sold 25% of the Pincher Creek field for $6.1 million.
- Earnings are $1.5 million or 3 cents per share.
- Cash flow from operations is up 8% to $4.7 million and on target at 9 cents per share.
- Production averaged 1,360 boe/d after the sale of a non-core property, essentially flat with the previous year period. (Pincher Creek had significant downtime due to a pipeline repair)
- Operating expenses are $3.2 million compared to $3.1 million (Expenses for the period would be reduced 10% without the one time expense of a pipeline repair).
- G&A has increased to$0.79 from $0.59 reflecting the addition of operations staff and an increased effort to significantly increase the play inventory.
- Three development wells and one exploratory well were drilled during the period.
Debt reduction combined with the drilling of the Pincher Creek horizontal well was the primary focus for the last three months. Progress on exploration was also achieved as the Company made plans for an active winter drilling season with drilling of 6 high impact exploratory wells in the Snipe/Wallace area (average working interest will be approximately 50%). The weather continued to cause a delay in the testing and completion of some wells. A 3D seismic program in the Viking area was planned and will be implemented for Q3. The Company expects to drill up to four wells after completion of this program. (average working interest will be 85%)
The Corporation finalized plans to drill a horizontal well at Pincher Creek and the well was spudded in early August. The capital interest is 19% with a before payout interest in production of 30% and an after payout interest of 52.5%. The well as of this report was being prepared for completion and testing after encountering natural gas.
Production was down slightly during the period at 1,360 boe/d after the sale of a 60 b/d property in December last year and repairing a pipeline at Pincher Creek that resulted in the field being shut in for 5 weeks. This was an unusual event and other parts of the field were tested for integrity with no significant corrosion present. Production came back on stream in the third week of August and, while average production was reduced for the period, the flush production combined with increased prices, had a minimal effect on cash flow.
Cash flow at 9 cents per share is essentially on target with internal projections. Significant price increases and approximately 200 bpd behind pipe will be added in the near term to increase cash flow for the remainder of the year. The estimate for the Pincher Creek well is not included in this number and will not be estimated until the well is completed and tested.
Our exploration play inventory continues to grow as land and prospects were added. The Company purchased a partner's interest in the Snipe Lake and Wallace of approximately 20% area for $2 million. The Company's interest in this area ranges from 20% to 70% and a minimum of 6 wells will be drilled this winter. An election was made with Vecta Energy Corp. to drill an Elkton test well at Chambers. This well is expected to spud prior to yearend with a Choice working interest of 25%. (The program uses proprietary acquisition, processing and interpretation).
At the Snipe Lake area, subsequent to the quarter end, road construction was completed into one well to provide year round access for production and to provide access for further drilling opportunities. This well was brought on stream in October at 50 boe/d.
Results to date are excellent and while weather kept production from increasing, several new plays were tested and have set up several exploitation opportunities. Enclosed are the financial statements. Please refer to the associated notes filed on Sedar (in particular the notes to the annual audited statements), the operations summary and the management discussion and analysis.
Gordon D. Harris
President and CEO
They are definitely cheaper than anything I can find south of the border. They move so quickly from minimal production to 1000 to 2000 bpd, it's amazing. And there are dozens of them. Sort of undiscovered but the Canadian investors are making lots of money. We need our share!!! Good luck, Bobwins
Bob,
I bought some yersteday, and today too. I've got spoiled with these Canadian's stocks; just sold half of my ENG.V shares today (quick triple). I asked you about it a few of weeks ago on the other board, and you explaind to me the trick of buying canadian stocks without overpaying. Thanks again.
Do all these stocks ending with V give you that kind of return? :)
The sooner they finish drilling, the sooner we find out if its ngas or just rocks down there. Hoping for gas!!! Bobwins
Bobwins, you gotta like this line:
The operation is approximately 10 days ahead of schedule
Monday September 19, 8:02 am ET
CALGARY, ALBERTA--(CCNMatthews - Sept. 19, 2005) - Choice Resources Corp. (TSX VENTURE:CZE - News) is pleased to announce that the 1-5-3-28 w4m Pincher Creek well reached its total measured depth of 3,755 meters with intermediate casing now run and cemented in place without incident. The casing penetrated the Fernie Shales and is cemented into the impervious cap rock of the Mount Head. The Fernie Shales are a platy, over-pressured interval prone to collapse and was considered to be a zone of concern in the drilling operation. With this shale interval safely cemented behind casing, Choice will begin the underbalanced horizontal drill segment of the well in the porous gas-bearing intervals of the Rundle group.
ADVERTISEMENT
[Blocked Ads]
To date, the drilling operation has progressed well. The operation is approximately 10 days ahead of schedule. Horizontal drilling will take place as part of the next phase and Choice will be drilling with natural gas that will be recovered as all returns will be processed at the Pincher Creek Gas Plant. More information will be released once the technical information is analyzed. Choice Resources, Running Fox Resource Corp. and Blue Parrot Energy have a 52.5%, 15%, and 2.5% respective interest after payout of the well capital. Steven Schurman, CEO of Running Fox comments: "Running Fox is quite pleased with the progress of the drilling operations to date".
THANKS Mr. Bobwins just picked up 5k @ .73 us dollars will add more just sold some of my ASPN 9.95 got cash thanks again
Both are right. Choices trades primarily in Canada in Canadian dollars. Stockhouse will give you both C$ and US$ quotes. See the currency converter box in the lower right portion of the quote screen.
I use the US$ quote to get a reasonable idea of the bid/ask in US$ so I can make my bid in US$ when I want to buy.
We care about how much we get in US$ when we sell the stock. So eventually the US$ quote is most important. You can call Ameritrade and ask them for a current quote. Ameritrade doesn't update during the day on these canadian stocks with a pink sheet symbol. They only update at the end of the day and sometimes not then. I keep track of my portfolio by setting up a Yahoo portfolio. I use the canadian symbol for Choice, cze.v. Yahoo will list the C$ price but will convert it to US$ when adding up the portfolio values. A little confusing but that's part of the price of finding a bargain. These are some of the reasons why Choice is undervalued. Not the most convenient stock to track or trade. Let me know if you have more questions. Bobwins
Mr Bobwins I am geting 2 different quotes stockhouse is .85 and ameritrade is .742 is one in canadian dollars and one usa who is right??
Possibly...... choice is my biggest position of the four but all are pretty close. I am warming up to Rival. Increases in production, while not large, are a big percentage increase compared to avg 789boepd produced in q2. Currently at 1000bpd and guiding for 1200 for end of q3(this month). As a result, I think Rival eps will jump the most of these four.
The wild card on Choice is the big well at Pincher Creek. If they hit it, all heck will break loose! Rally monkeys will be prancing across Pincher Creek as far as Seattle!!!
Results late Sept/early Oct so not long. Bobwins
Bobwins:
Well, I guess I spoke too soon.
"I actually like Rival, RGYLF.pk , better. They are increasing production more than Choice."
Len
BW:
"These are the four juniors that I mentioned as my favorites and Choice is now my favorite of the 4 followed by Rival, Diaz and Terra."
So what you are saying is that I made the right decision in only buying one of them when I bought CZEKF.
Len
Followers
|
3
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
54
|
Created
|
09/01/05
|
Type
|
Free
|
Moderators |
Qtr Q4 Date 2/28/06 Avg Prod 1475 Total BOE 132750 Price C$60 Gross Revs 7,965,000 Royalty Exp 1,624,860 % 20.4% Credit Net Revs 6,340,140 Op Exp 1,500,000 $/boe 11.30 Trans Exp Depletion 1,250,000 $/boe 9.42 G&A Exp 250,000 Interest 65,000 Accretion Stock Exp 210,950 Total Exp 3,275,950 Net b/f Tx 3,064,190 Inc Tax 980,541 Net Inc 2,083,649 EPS .034 C/F 4,525,140 C/F shr .074 Avg Shrs 61,000,000This projection is based on the PR dated 2/16/06. Sounds like they had some trouble hooking up production from the previous qtr because they are still projecting 1600-1700 by end of Feb/early March. Last qtr they were saying they would be at 1600 after hooking up behind the pipe production. So I used 1475bpd avg production to be conservative and lowered the boe price to C$60. While about the same as Q3, if they can avg 1700 for q1, that will be a 15% increase from Q4 and probably add more than that to eps and c/f. That would put c/f around .085 to .09 per share. If you annualize that number, you get .36 or less than 3 times the current share price of C$.94. Choice remains one of the cheapest Canadian juniors. Once they show consistent production growth, I believe the stock price will increase closer to the middle of the normal range for Canadian juniors of 5 X c/f, which would result in a stock price of C$1.80. Bobwins
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |