In short: Oil example: "4.2 times cash flow and 6.9 PDP, 16.8 for 2P." "The cash flow multiple has to rise to PDP first. Then it goes higher as the commodity prices go higher."
Obsidian is a Calgary oil producer listed in both Toronto and New York. It trades at 4.2 times cash flow with about 7 years of producing reserves and 17 including probable. Along with Bonterra and InPlay, it is his example that even oil producers — whose reserve lives are shorter than gas companies' — are priced below what their existing wells justify, with extra upside if oil prices stay high and investors become willing to pay more for each dollar of cash flow, as happened with gold miners.
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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