Opinions
Josef Schachter
Endev Energy
ENE-T
TOP PICK
Feb 14, 2005
A turnaround story. They stumbled 1 1/2 years ago while bringing on a shallow gas play in Medicine Hat. Management has been changed for people who know the area. Will be going for deeper wells. Production has gone higher than he expected. Feels they will exit the year with 5,200 BOE's a day and $0.44 cash flow.
$1.490
Stock price when the opinion was issued
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WAIT
Endev Energy is in the shallow area of S.E. Alberta. He is concerned that the company has not had the increase in production. Decline rates have been high. They are spending lots of money. He is researching this stock at this time and waiting to see the results of the end of the year. Not convinced the company has executed the way they should have.
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BUY
Cheap. Good management good assets. Seniors, intermediates and larger juniors have moved and the smaller juniors will now start to move. This will be one of the ones. Starting a new play in the Manville (?) formation, which is starting to work. If there is continued success here, the stock could be $1.50.
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