CLL vs. OPC

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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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CLL vs. OPC

posted on Jul 21, 2010 03:06PM

I keep hearing how bad CLL's longterm debt is. I decided to compare it to a very similar company. I was amazed at the comparison. Either CLL is drastically underpriced or OPC is drastically overpriced. Values are approximate. Only things that I see that are favorable for OPC are their 2P/3P reserves and their shares outstanding. I can't quite figure out why an unproven company that is losing money hand over fist is priced higher than a well hedged company that has a proven track record of positive earnings and success.

Anybody want to add a third company to this comparison?

ConnacherOpti Canada

LTD $887M $2,215M

ShrsOut 428M 283M

Mrkt Cap.$528M $461M

'09 BPOe/d Bitumen 6,274 6,300

2010 Est. BPOe/d12,5008,750

Of Bitumen

1P.177mmbbl190 mmbbl

2P379 mmbbl710 mmbbl

3P462 mmbbl1114 mmbbl

2009 Revenue422M143M

2009 Earnings26M-306M

EPS0.08-128

2008 Earnings-27M-477M

EPS-.13-2.43

2007 Earnings41M151

EPS0.20.77

2009 Avg. SOR3.75-6

1Q 2010 Rev118M50M

1Q 2010 Earnings5.5M-50M

EPS.01-.18

2Q 2010 Rev YTD.?111M

2Q 2010 Earnings YTD.?-202M

EPS?-.72

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