* Second Wave Petroleum ($49 boe) - unaudited Q4 - 2011. Expected to continue to rise as their BHL light oil play achieved net-backs of over $75 boe.
* CPG - 2012 net-back guidance. Expecting between $55 boe and $60 boe based on an average 2012 WTI expected price range of $95 to $100 bl (app).
* BXE - Q3 - 2011 report. $24 boe. Field net-backs were $47.30 boe.
page # 18.
Arcan Resources - Q3 - 2011 net-back was $42 boe. I also see that they have revised upwards their BHL well costs to $5 mm per well from $4.5 mm. Slide # 27 for well cost.
slide #5 for net-back.
Midway energy - Q3 - 2011 - operating net-back was $47 boe.
Q3 report - slide #2.
Pinecrest Energy - operating net-back in Q3 - 2011 was $64 boe. Their Slave Point wells are terrific cash flow generators as well as they achieved $64 boe in net-backs in Q3 - 2011.
Their 2012 assumptions were for $90 WTI to achieve $68 bl and at $100 WTI it would be $86 bl.
Novus Energy - 2012 assumed operating net-back of $53 boe. 2011 operating net-back was $47 boe.
slide #8 and #12.
* I attempted to show a simple cross section of some of the light oil producers in different play areas in terms of their actual or expected net-backs. The market wants to see reserves but they also want to see growth in production and cash flow. The latter is most easily achieved via strong net-backs.
* what clearly stands out, at this stage anyhow, is how well SCS and PRY do on their net-backs versus their peers as of the timing of the latest data sets that I have gathered. The year end finacials will be out in due course and it will be very interesting to see how all of the above do on their net-back numbers over the coming quarters.
* the slave point play in northern Alberta....the Carbonates if you like....is clearly the winner in terms of the net-backs when compared on a boe basis. SCS and PRY are clearly the net-back winners at this point on a go-forward basis. Now new data sets could change the above but for the moment the clear winners are SCS and PRY.
* why do I like SCS over PRY. Read the PRY latest presentation very carefully. Their land base affords more light oil drilling opportunities but it is also spread out over a much larger area than is the SCS land package and they are facing much higher infrastructure costs such as three separate water-flood projects over three separate areas etc.
* clearly though....at least for now....the Slave Pojnt is the winner for SCS at Swan Hills and PRY ar Red Earth.
Use of flush.....Oiljack.