Open Range Energy Corp. (ONR.TO) Buy, Sell or…

Open Range Energy Corp. (ONR.TO)

0.00

-0.00 (0.00%)

7 watching

TOP PICK

Good management. In Alberta and produce around 3,500 barrels a day. Gas focused. Likes the Woolwich high impact wells they are drilling and the clean balance sheet. Also have a frac fluid handling business, which generated a $2 million EBITDA in December.

TOP PICK

Gas exposure but some good liquid exposure as well. Because of managements views on gas prices have done very little drilling, but are starting to drill again.

COMMENT

Good suite of assets but unfortunately have had some poor drilling results in zones that have had positive results surrounding them, indicating technical team is not up to speed. Also leverage is high. Dead money for 3 to 6 months.

BUY

Can’t believe it is down to 1.65. An excellent company with a fantastic track record of increased production. It’s a pure Natural Gas play. Not a lot of downside at this level.

DON'T BUY

Pretty good spread of deep basin gas assets. More risk with small companies drilling really expensive deep wells.

SELL

These are great long-term gas assets. At this point in this gas price environment they don’t have the cash flow to drill a lot of wells.

PAST TOP PICK

(A Top Pick June 19/08. Down 70.11%.) Felt in July that Nat Gas had peaked and Sold her holdings. Bottomed but isn't going anywhere. It's small with a couple of thousand BOE's a day. Doesn't have the cash flow for exploration. If you own, consider for tax loss selling.

WAIT

Good company, but gas weighted. Keep an eye on this for over the next 6 months and you will have a better opportunity.

BUY

Was hoping to create a new core area for themselves but it didn’t work out. They have many years of inventory, is cheap, and could be a takeover target.

COMMENT

Likes the assets. Their core area is Ansell/Sundance in Alberta. Have a large land position with great drilling results, which allows them to keep their operating costs down. Healthy balance sheet. As commodity prices turned they can very quickly bring new production on.

BUY

Gas. Great land position. Core play is at Ansell/Sundance, which is a very solid play with regards to return on capital and operating costs. Healthy balance sheet. Good management.

TOP PICK

Natural gas. Small company of only about 2000 BOEs a day. Have a great play at Ansell/Sundance. Great long life growth play. Also have a play in Russ (?) on the front edge of the foothills which is deep drilling and expensive. Have drilled the well but it has not been tested, which is the risk.

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Open Range Energy Corp. (ONR.TO)