The Energy Report
Notable Quotes
"With the LOI signed, we urge investors to bolster positions in FCU." (12/22/15) Fission Uranium Corp. - David Sadowski, Raymond James More >
"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine." (12/22/15) Fission Uranium Corp. - Heiko Ihle, Rodman & Renshaw More >
"I am quite excited about POE in 2016." (12/16/15) Pan Orient Energy Corp. - Chen Lin, What Is Chen Buying? What Is Chen Selling? More >
"BKX's Oklahoma asset has significant value." (12/16/15) BNK Petroleum Inc. - Michael Charlton, iA Securities More >
"EFR is one of the few companies in a position to write long-term sales contracts and deliver into them at several times its current production rate." (12/17/15) Energy Fuels Inc. - The Gold Report Interview with Eric Coffin More >
EXXI Purchases Partner Interests
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MICHAEL BODINO, Global Hunter Securities
(11/24/2009)
"Energy XXI announced its intent to acquire certain Gulf of Mexico shelf oil and natural gas interests from MitEnergy Upstream LLC, a subsidiary of Mitsui & Co., Ltd. (MITSY - $257.70 - Not Rated) for $283 million, or $12.30/boe on a proved basis. EXXI is buying non-operated interests in the same group of properties it purchased from Pogo Producing Company in June 2007. The properties include 30 fields currently producing 8,000 net boepd, about 77% of which is oil and 80% of which is already operated by Energy XXI. Upon the completion of pipeline repairs damaged by 2008 hurricanes, net production is expected to reach 10,000 boepd. Offshore leases included in the purchase total nearly 33,000 net acres. Pro forma for the transaction, 2P reserves should increase to 93 Mmboe with oil expected to make up 67% of current production and 76% classified as proved developed. We are maintaining our Accumulate rating and price target of $4. Our price target is based on a 3.3x calendar 2010 TEV/EBITDA estimate and is at 54% discount to our estimated 2010 NAV. NAV per share for 2010 increases from $7.47 to $8.77 as a result of this transaction based on long-term commodity prices of $75 oil and $6.50 gas." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
More Experts
"FCU's deal with CGN helps to financially and technically derisk PLS." (12/21/15) Fission Uranium Corp. - David Talbot, More >
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