In short: The cheapest oil example: "trades at 1.6 times cash flow. PDP is 6.2 and 2P is 19.7" — oil reserve lives run shorter than gas, but the multiple still sits far below PDP.
Bonterra is a small Alberta oil producer and the cheapest name he cites: 1.6 times cash flow against about 6 years of producing reserves and 20 years including probable. Oil fields typically show shorter reserve lives than gas, so the numbers are lower, but the stock still trades at a fraction of what his reserve-life rule would suggest. Small producers like this are the higher-risk, higher-upside end of his energy book.
24:275 times cash flow, 12.7 PDP years and 31 years 2P. On the oil side the numbers are usually lower. But I'll show you one. Bonterra trades at 1.6 times cash flow. PDP is 6.2 and 2P is 19.7. InPlay Oil 3.5 times cash flow against 6.7 and 16.8 for 2P and then Obsidian 4.2 times cash flow and 6.9 PDP, 16.8 for 2P. So the cash flow multiple has to rise to PDP first.
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