Birchcliff Energy Ltd.

I'm gonna give you, uh, three companies.

So Birchcliff has a 2.7 multiple, cashflow multiple, 232 this year.

So it's...

And their PDP, proved developed producing reserves, is 7.2.

So those numbers should be the same.

So that's how cheap Birchcliff is.

And Birchcliff has 31 years P, uh, 2P reserves.

So if there's gonna be more concentration in the Montney and Duvernay, Birchcliff is gonna be one of the companies taken out.

What we look for is companies trading, uh, where the cash flow multiple is below the reserve value.

So they, um, Tourmaline has a, a, a proven reserves of 11.8 years, and the multiple only is 6.1. There's n- some companies here, like Birchcliff that we cover, that trades at 2.6 times, uh, 2.7 times cash flow and has, uh, uh, reserves of tw- 7.2 on a PDP, and then there's some names on...

Even oily names, some of them are cheap.

Um, Montera, 1.7 times cash flow, and PDP is 6.2.

But what the comparison you want is to compare that to the cash flow multiple.

So, for example, one natural gas company we like, Birchcliff, 7.2-year PDP.

You'll be shocked by the 2P, 31 years, but it trades at 2.7 times cash flow.

I'll give you an oily company right here, Bonterra Energy, 1.7 times cash flow, trading with a 6.2-year PDP and a 19.7-year 2P RLI.