Have $CAD 100k in ITE.TO mostly in TFSA accounts looking for a multi bagger this year. Good introduction presentation linked below. Here are some highlights. Reminder that Market Cap is CAD 133mm. Net Debt should come in <CAD 40mm when they report year end in a couple weeks*
*unless there is an exemption to delay past Mar 30 as dual AIM-TSX listed entity.
Gain (9000 boepd) and Toscana (1000 boepd) acquisition notes from Proactive Presentation below
- Toscana: 1000 boepd producer but gave them a management team in Canada.
- Gain & Toscana - bought assets for <$3000/bbl. Stupid Cheap.
- They do have more gas than oil in portfolios
- 500 production wells from Toscana/Gain assets currently.
- 200 drilling locations with IRRs>50% at WTI $55 at Clearwater. Cleawater has gone from zero to 30,000 boepd in 3 years in WCSB (think Tamarack Valley TVE.TO is biggest player here)
- 18 different production facilities that came with Gain Acquisition. Operated infrastructure. 120 MMSCFSD, 20,000 boepd capacity in Gain Infrastructure. Also generate $2mm/year in 3rd party revenue. Easy path to 200-250% production growth.
- Have maybe 1 billion barrels of OOIP at Clearwater Acreage. Heavier Crude. Drill, complete and tie-in in 30 days. Wells cost ~$1.5mm come on at 300-500 bbls/day.
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