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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Gulo who wrote (10608)	8/11/2005 12:56:51 AM
From: HotnSpicy	Read Replies (1) of 24920

Diaz finally coming out of its slumber. $0.81. Still, it remains the single most undervalued Canadian junior, for no good reason imo. The company is up for sale (due to low market valuations), but with their large land base and great RLI (12 or so), it makes less and less sense to sell @ $65 WTI unless they can get top dollar. Those Texas wells are very nice and Harmattan is a new pool of very light sweet with associated gas. 1450 boed = $33,000 per boe(average is pushing $60,000) Exit rate at 2,000. Dec/04 NAV = $1.06 FD using $42 and $6.50 price decks. Current NAV is over $1.60...(trading at 50% discount to NAV) CF = $0.25 with current pricing. Trading at 3.2x fwd CF. And less than 3x Q4 annualized (average is ~6x) Even heavy oil juniors with crappy netbacks have significantly higher valuations... Fair value is $1.50 just to get to an "average" valuation... ~75% near term upside in the stock. You simply can't find a better stock to buy in Canadian juniors...

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