Eric NuttallSpartan Delta CorpSDE.TOBUY ON WEAKNESSMay 15, 2026

Technology has been unlocking value in wells, which are booming. He hasn't sold any shares. Try not to trade around it. Just sit on it, and let returns compound for you.

High quality on the junior side. Understand that if you're in low-cap or mid-cap in oil & gas, you're taking on more risk than with names like XOM. But if you're patient, names like this are probably where the leverage is. Doesn't own, but admires the company and management.

One of the exceptions he's made in small caps, now owning about 3-4% of the company. Early in identifying significant upside in Duvernay, drilling spectacular wells. Low cost, increasing productivity. Thinks there's significant private equity coming from US into Canada, and the best plays are in the Montney and the Duvernay. 

Benefits from both liquid and natural gas upside. A newish name for him. Can't buy it with just a 1-2 year time horizon. (Potential acquisition is never a reason to buy.)

(Note the short timeframe.) Still sees good runway for growth. Underappreciated. Significant upside over next few years if it's not taken over by then.

Since 2020, has distributed $1.8B to shareholders (including $9.60 special distribution in 2023). Came out of its shell with an oil play in the Duvernay. Will rerate as it continues to gather scale. Easily sees 20-30% upside, even if oil stays around $60. No dividend.

Top quality management team.
Share price fully valued at this price.
Would wait to buy on weakness.
Does not own shares at this point.
Bullish on Canadian energy.

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The stock is cheap due to its debt positions. It is about 3x cash flow, which some investors are worried about. The debt is from their Velvet acquisition. Improved cash flow will help decline this debt. Growth looks good. Unlock Premium - Try 5i Free