Bulldog - bde-a.to - 500 Beiträge pro Seite

[Statistix]

Also Gulliver hier kopiere ich alles zusammen. Habe das Ding Caster gezeigt er fands gut. Yak hatte es unabhängig von mir wohl schon ne Weile. Production currently 2000 bopd light sweet. Highest Netback of all Canadian Juniors! 40+!

Das unten ist nur ein (!) Play wo grade der Processing Plant auf 3800 bopd upgegraded wird. Haben noch andere Eisen im Feuer und hier (in diesem play) evtl. noch die bakken formation.

wohl ca. $0.85 fdcps in 05. normalerweise wäre ine multiple von 6 angebracht. wohl gemerkt forward!

Summary Operational Data
Average well depth 1,100 meters with a 1,000 meter horizontal leg
Average well costs
Drilling costs $650,000
Drilling, completion and equipping $850,000
Average reserves/well 100,000 to 125,000 bbls
Average production/well
Initial rates 150 bbls/day
After one year 80 to 100 bbls/day
Net undeveloped land 31,762 acres
Current drilling inventory 35 locations

"BULLDOG REPORTS Q2 RESULTS
Event: Bulldog Energy reported its Q2/05 results on Friday
(August 5) after the market close.

Impact: Overall, the impact is neutral as both the operational
and financial results were in line with our expectations.
Bulldog’s has had another strong quarter with its
drilling results, resulting in an expanded prospect
inventory thereby providing excellent visibility well
into 2006 and possibly 2007. The company is also
benefiting from strong oil prices with field netbacks
among the top quartile of junior and intermediate
producers. Overall, we think the company warrants a
valuation at least on par with its peers, therefore we
are maintaining our BUY recommendation but
increasing our target price from $3.85 to $4.50. This
represents a 5.7 times 2006E cash flow multiple, [using only $0.80 `06 CF]
which is in-line with its peer group average.

Q2/05 operating results in line
Production during the quarter of 1,653 b/d was slightly below our
1,700 b/d expectation. Wet weather in June and early July hampered
the movement of service rigs and installation of pump jacks thereby
resulting in a slight delay in adding new volumes. Consequently,
management has slightly adjusted its 2005 production guidance by
about 5% from 1,850 b/d to 1,750 b/d. More importantly, current
production is up from 1,750 b/d to about 2,000 b/d and we believe
that the company has the financial capacity to increase its program in
H2/05 that would provide upside to our estimates.

Operationally, Bulldog is continuing to make excellent progress with
another respectable quarter. Bulldog drilled nine (8.5 net) horizontal
wells with a 100% success rate as well as a vertical (0.5 net) well for a
stratigraphic evaluation, which a subsequent horizontal leg was added. All of these wells are currently on production. Bulldog also made another
new pool discovery with the drilling of a successful horizontal well into a new zone at Carlyle/Manor. In total, Bulldog’s total inventory of locations has been expanded to 75 horizontal locations, which is up from 40, thereby providing further visibility.

Financial results also in line

Offsetting our slightly higher production estimate were better than expected operating costs and top-tier netbacks therefore resulting in financial results that were in line with our expectations. Bulldog reported cash flow for the quarter of about $5.8 million or $0.16 per share, versus our expectation of $5.4 million or $0.15 per share. Given the company’s 100% exposure to light oil prices as well as low operating costs, Bulldog reported corporate and field netbacks of $38.34/bbl and $42.63/bbl, respectively. We believe that this should place them in the top quartile among junior and intermediate producers.

Strong balance sheet maintained

The company has spent $20.7 million over H1/05 with a net debt at quarter end of $17.4 million. Bulldog will maintain its $30 million capital program for 2005, however we believe the company has the financial capacity to expand it in H2/05. Based on this program we estimate it will exit the year at $13.3 million, representing 0.5 times estimated cash flow. The company current has bank facilities of $21.5 million.

Valuation/recommendation:

We have adjusted our estimates slightly for the quarterly results as well as for the revised management guidance. We have lowered our 2005 production estimate from 1,850 b/d down slightly to 1,775 b/d and maintaining our 2006 average of 2,300 b/d, which we believe remains conservative."

__________________________________________________________

Note: Canaccord only using $53 WTI ave for the year which is obviouisly low and they only calc 2005 $0.68 CF vs management`s guidance of $0.78. Also, they are only estimating $0.80 CF in `06, which is absurd as Bulldog will do better than that this year...

Canaccord will be substantially raising guidance once again in the next few months. These guys are way behind the curve with WTI at $64...

[Statistix]

further announcements will be forthcoming. lol. mehr wenn ich zeit habe.

[Gulliver]

applaus vom ersten poster!!!

vielen dank dafür - schaut gut aus!

das andere schicke ich dir sobalds fertig ist

[Statistix]

Ich hoffe ja, daß Öl so bis $50 runtergeht und man überall nochmal nachfassen kann. Naja man wird sehen. zu grgr.pk bin ich noch am zusammensammeln. Mache aber auch einen auf sobald ich Zeit habe. Freue mich auf den write-up.

Gruß

Stat

[Statistix]

Leute ist Euch das eigentlich klar geworden? 70 relativ sichere Locations zum Bohren. Payback bei weit unter einem Jahr bei aktuellen Preisen. Und nach einem Jahr noch rund 100 bbl/d. Und dann macht Euch mal die Mühe anchzusehen wieviele sie davon nächstes Jahr machen wollen.
Zeigt mit mal eine OilCo mit so hohen Netbecks geringer payout Zeit gutem Management und fast garantierter steigender Produktionssteigerung. Finde den aktuellen Preis lächerlich.
Scheint aber so zu sein, daß man von einem sehr wahrscheinlichen Verdoppler nix hören will, wenn man doch auf ein Pferd setzten kann wo man vielleicht das zehnfache kriegt. Wenn auch nur mit 1% Wahrscheinlichkeit. Ich sage nur Energulf und Konsorten.

[Statistix]

Tja sieht so aus, als ob man hier die Seasonality spielt. Nun das wird dann eben die Kiste noch günstiger einzukaufen machen.

[Statistix]

Tja seit heute MIttag ist der Handel ausgesetzt. Bis liegt bei 4.5. Zugegeben der ist noch nicht durch Volumen unterlegt. Kurz vor dem Aussetzen gings nochmal hoch. Umsätze waren auch ungewöhnliche gut. Vielleicht ist an diesem Schatz ein Royalty Trust dran. Andererseits wäre das auch schade, da das ne echte Langfristidee ist.

[Statistix]

ress Release Source: BULLDOG ENERGY INC.

Bulldog Energy Inc. Announces Sale to Crescent Point Energy Trust and the Creation of a New High Growth Junior
Monday October 3, 9:03 am ET

CALGARY, ALBERTA--(CCNMatthews - Oct. 3, 2005) - Bulldog Energy Inc. (TSX:BDE-A - News; TSX:BDE-B - News) announces its intention to effect a strategic corporate reorganization whereby the majority of the company`s operations will be sold to Crescent Point Energy Trust with the remainder of the company`s assets transferred into an exciting new publicly traded company, Bulldog Resources Inc., owned by the current Bulldog Energy shareholders. Bulldog Resources is poised for significant growth through a light oil focused multi-location drilling program.

ADVERTISEMENT

The reorganization is the result of a thorough strategic review of Bulldog Energy`s options undertaken over the past few months by management and the Board of Directors with the intention of maximizing shareholder value.

Since mid-2004, we have achieved considerable success in our exploration and development programs with a corresponding growth in reserves and production volumes, entirely focused in Southeast Saskatchewan. While not yet fully exploited, the growth potential from most of these assets is slowing. The majority of these properties are operated by Bulldog Energy with an average working interesting of 75%. All of the production is light oil, realizing very high netbacks, with facilities and flow line infrastructure in place. The 2005 third quarter has just completed - we expect to report a cash flow increase over the prior quarter in excess of 50% on the strength of a production volume increase greater than 15% and a realized price increase greater than 20%. While these results are very attractive, the downside of success is the imminent prospect of Bulldog Energy becoming very taxable on current cash flow basis in the immediate future.

After considering all of the above factors, management and the Board of Directors concluded that the sale to Crescent Point and the creation of Bulldog Resources is in the best interests of all shareholders. The proposed transactions will be effected pursuant to a Plan of Arrangement under the Business Corporations Act (Alberta) and subject to shareholders` approval. The definitive Arrangement Agreement must be concluded on or before November 18, 2005 for inclusion in the Information Circular - Proxy Statement to be mailed to all shareholders on or before that date. Should Bulldog Energy shareholders approve the transactions, the Effective Date is expected to be on or before December 16, 2005. The Board of Directors has unanimously approved the proposed transactions and recommends shareholder approval. The directors and officers of Bulldog Energy have entered into lock-up agreements with Crescent Point to tender all of their securities. Tristone Capital Inc. is acting as fin!
ancial advisor to Bulldog Energy and has provided the Bulldog Energy Board of Directors with its opinion that the consideration to be received by Bulldog Energy shareholders is fair, from a financial point of view.

Consideration to be Received by Bulldog Energy Inc. Shareholders

Bulldog Energy`s Class A shareholders will receive 0.130 of a Crescent Point unit and 1.0 common share of Bulldog Resources (prior to a 2:1 consolidation) for each Class A share held. Bulldog Energy is currently entitled to call its Class B shares for conversion. Pursuant to the proposed transactions, each Class B share will be converted into Class A shares based upon the result of $10.00 divided by the weighted average trading price of the Class A shares for the 10 day period commencing the day following the public announcement of the proposed transactions (approximately 1,000,000 Class A shares based upon recent trading prices).Bulldog Energy`s current capital structure is:

-------------------------------------------
Class A shares outstanding 32,275,798
Class B shares outstanding 372,768
Stock options to purchase
Class A shares (average
exercise price of $1.13) 2,417,500
-------------------------------------------
-------------------------------------------


The conversion of the Class B shares and the anticipated exercise of all outstanding stock options will result in approximately 35.7 million Class A shares outstanding at the time of closing.

The agreement with Crescent Point contemplates that Bulldog Energy`s total indebtedness (debt plus working capital excluding income taxes payable) as of September 30, 2005 will not exceed $18,200,000; any excess above this amount will be allocated to Bulldog Resources. Management is confident that this level will not be exceeded. For purposes of the proposed transactions, the measurement of indebtedness as of September 30, 2005 will not include (a) the expected cash proceeds from stock option exercises, (b) costs to be incurred prior to closing, and (c) any liability for income taxes.

Concurrent with the announcement of the proposed transactions, Crescent Point has agreed to announce a 5% increase in its monthly cash distribution to $0.20/unit/month upon implementation of the Plan of Arrangement. Crescent Point has also agreed that should the Effective Date of the proposed transactions be later than the Record Date for its November monthly distribution, Crescent Point will deliver a cash payment of $0.026 per Bulldog Energy Class A share on closing.

As part of the strategic review undertaken by Bulldog Energy`s management and Board of Directors, the company`s evaluation engineers, GLJ Petroleum Consultants Ltd., were engaged to prepare a full reserve report as of August 31, 2005. This report was mechanically up-dated to September 30, 2005. Bulldog Energy has experienced considerable drilling success in 2005 resulting in a very significant increase in reserves and values since GLJ`s previous report effective December 31, 2004. The following table summarizes the key aspects of the GLJ report as of September 30, 2005 based on forecast prices and costs as of July 1, 2005.

-----------------------------------------------------------------
Reserves NPV 10%
(MBOE) ($000s)
-----------------------------------------------------------------
Total Proved 3,523 $ 70,324
Total Proved plus Probable 5,700 $ 104,334
-----------------------------------------------------------------
-----------------------------------------------------------------
Allocated to:

Bulldog Energy (Sellco) 5,275 $ 96,841
Bulldog Resources (Exploreco) 425 $ 7,493
-----------------------------------------------------------------
Total 5,700 $ 104,334
-----------------------------------------------------------------
-----------------------------------------------------------------


The net present values (NPV) of future net revenues are based upon GLJ`s assessment of the production profile of the properties and its current projection of future energy prices and costs. The values are based upon projected revenues less royalties, operating costs, and development expenditures and are not reduced for corporate general and administrative costs, finance charges, and income taxes. The September 30th GLJ report recognized 36 proven undeveloped and probable locations on Bulldog Energy`s Carlyle Manor properties.

Bulldog Energy has calculated its net asset value based upon the following measures:

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Bulldog Bulldog Total
Energy Resources Bulldog
(000`s) (Sellco) (Exploreco) Energy
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NPV of reserves
discounted @ 10% $ 96,841 $ 7,493 $ 104,334
Undeveloped land 5,300 965 6,265
Deduct indebtedness (18,200) - (18,200)
Add stock option proceeds 2,730 - 2,730
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Net asset value before
income taxes $ 86,671 $ 8,458 $ 94,464
---------------------------------------------------------------------
---------------------------------------------------------------------
Fully diluted common
shares outstanding (000s) 35,700 35,700(i) 35,700
---------------------------------------------------------------------
---------------------------------------------------------------------
Net asset value per common
share $ 2.43 $ 0.24(i) $ 2.67
---------------------------------------------------------------------
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(i)The proposed transactions contemplate an effective 2:1 share
consolidation for Bulldog Resources such that approximately
17.85 million common shares will be outstanding and the net
asset value per common share will be $0.48.


Transaction Metrics

The proposed transactions crystallize the value of the sale assets by exchanging Bulldog Energy common shares for Crescent Point units. It provides a diversification of assets, liquidity, and an attractive yield in a well run, growing royalty trust. The upside potential of the Bulldog Energy sale properties will be realized through the ownership of the Crescent Point units as well as through Crescent Point`s future distributions and operational activities. Crescent Point has approved a 5% increase to its trust unit distributions concurrent with the public announcement of the proposed transactions.

Bulldog Energy`s current production is averaging approximately 2,125 bbls/day divided as to 1,925 bbls/day in Bulldog Energy (Sellco) and 200 bbls/day in Bulldog Resources (Exploreco). Sellco has 3,337,000 bbls Proven and 5,275,000 bbls Proven and Probable of reserves. Crescent Point will issue approximately 4.6 million units which if valued at $21.70/unit together with the assumption of $18.2 million of indebtedness results in total consideration for the sale assets of $118 million. This consideration results in top decile metrics (both on a flowing barrel basis and per unit of reserves) paid for Southeast Saskatchewan assets to-date.

Bulldog Resources Inc.

Bulldog Resouces will initially focus its activities in Southeast Saskatchewan where achieved top decile industry performance for field and corporate cash flow per BOE. Bulldog Energy increased its oil production every quarter in its fifteen quarter corporate history.

Bulldog Resources will commence operations with approximately 200 bbls/day of light oil production from three operated properties in Southeast Saskatchewan: Fremantle (100% working interest), Browning (96% working interest) and Tilston (50% working interest). All of the properties have oil production facilities and will be operated by Bulldog Resources.

The Tilston property has excellent potential for multi-well production and reserve additions. A vertical stratigraphic information well was cored in our zones of interest. 3-D seismic indicates the play may extend over a large area on lands controlled by Bulldog and its partner. A follow-up horizontal well drilled two legs in two separate zones with net pays of approximately 600 meters and approximately 400 meters. The well produces 34 degree API oil at current rates of approximately 250 bbls/day (125 bbls/day net). Tilston is a high quality, high impact prospect which requires further drilling to establish added value for our shareholders. Bulldog Resources intends to initiate a drilling program on this property as soon as possible.

The success of Bulldog Resources will depend on the skills, ideas and execution abilities of its people to create new opportunities. Upon closing, all of Bulldog Energy`s Board of Directors, management, and employees will join Bulldog Resources which at the inception of trading will be owned by the current Bulldog Energy shareholders. This management group has demonstrated the ability to start, efficiently grow junior oil and natural gas companies, and create value for their shareholders as demonstrated by the increase in Bulldog Energy`s Class A share price from the December 2001 Initial Public Offering price of $0.20/share to the current price of approximately $3.84/share.

In conjunction with the proposed transactions, management, staff and directors will be offered the opportunity to participate in a private placement for Bulldog Resources` common shares. The private placement will raise $4.0 million through the issuance of 4,000,000 common shares at $1.00/share (equating to approximately two times the post consolidation net asset value per common share); 50% of this issue will be on a flow through basis for income tax purposes. These shares will be subject to escrow provisions for a period of 18 months. Approximately 90% of this private placement will be allocated to management and staff. We believe in the alignment of management with shareholders through substantial investment and ownership - this subscription for common shares at a premium to net asset value demonstrates management`s commitment to the success of Bulldog Resources.

After completion of the private placement, it is anticipated that Bulldog Resources will commence operations with:

- The current management and professional group of Bulldog Energy:

- Kenneth McKay as President and CEO
- Bruce McKay as COO and Vice President Production
- Michael Flanagan as Executive Vice President Land
- Ailsa Brereton as Chief Financial Officer
- Michael Hutchison as Chief Geologist
- Harvey McDougall as Chief Geophysicist
- Sami Ruohio as Senior Production Engineer

- The current Board of Directors of Bulldog Energy:

Independent Directors

- Craig Lothian, Chairman of the Board
- Claudio Ghersinich, Chair of the Reserves Committee
- James Pasieka, Chair of the Compensation Committee
- John Thomson, Chair of the Audit Committee

Management Directors

- Kenneth McKay
- Bruce McKay

- approximately 21,850,000 common shares outstanding (post a 2:1
consolidation) to be trading on the TSX Exchange at the inception
of the company.

- Cash resources of $4,000,000

- No debt; an operating line of credit will be negotiated shortly
after operations commence.

- Initial production of approximately 200 bbls/day of light oil.

- Corporate cash flow of approximately $2.0 million on an annualized
basis based on a $60/bbl WTI price and an $0.84 exchange rate.

- Reserves of 186,000 bbls Proved and 425,000 bbls Proved and
Probable based on the September 30, 2005 GLJ report.


Bulldog Resources will initially focus on pursuing medium depth (1,000 to 1,500m) light oil reservoirs in Southeast Saskatchewan where this team has demonstrated excellent success. The company will be an active driller and acquirer in this area. We expect to initiate Bulldog Resources` drilling program as soon as possible after the closing of the proposed transactions. After evaluation of this program, we intend to provide 2006 guidance on capital expenditures, production and cash flow forecasts.

Summary

Bulldog Energy`s officers and directors firmly believe based on our technical knowledge of the properties, the recognition of a large reserve value on our properties at a time of historically high oil prices, the income tax horizon, and the attractiveness of the company`s development drilling program to an acquirer, that this is the optimum time to crystallize gains in Bulldog Energy. We believe the Bulldog Energy properties will be accretive to the Crescent Point asset opportunity base, production and cash flow which our shareholders will enjoy through ownership of Crescent Point Trust units.

With a strong platform for value creation, a proven exploration team, solid management, and projected continuing strength in commodity prices, the future of Bulldog Resources is exciting. This is management`s third start-up of a junior oil and gas company. In our view, this is the best starting point we have had to create value for our shareholders.

Certain information presented is of a forward looking nature. Such forward looking information involves substantial known and unknown risks and uncertainties. Most of these are beyond Bulldog`s control and include: the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, the availability of qualified personnel, stock market volatility, and the access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, while considered reasonable by Bulldog at the time, may prove to be incorrect. Bulldog`s actual results could differ materially from those expressed in, or implied by, such forward looking information.

[Statistix]

DAS GRENZT JA FAST AN DIEBSTAHL. KANN MIR KAUM VORSTELLEN, DASS DEM VIELE SHAREHOLDER ZUSTIMMEN WERDEN. Die Offer entspricht lediglich 2.70 per Share plus Anteile an der Exploreco. Die werden umgerechnet ca schätze ich so 0,50 per Share wert sein mit den Reserven und Produktion. Das ist also insgesamt schon unter dem Marktpreis. Aber (!)die werden dann noch schön verwässert durch das PP, daß sich das Management hier gönnen will.
Muss mir alles in Ruhe nochmal überlegen.

[Statistix]

Hab mich verrechnet. Inisegsamt landet man so bei ca. 3.40 wenn man vom doppelten NAV für die Exploreco ausgeht wie das Mngmnt mit seinem PP. Dennoch 3.40 viel zu wenig!

[Statistix]

Danke BDE für ein paar Cent war sie gut. Aber ein Scheiß Management hast Du, daher Good Bye.

[Art Bechstein]

Statistix,

mich würde Dein Kommentar zur heutigen News interessieren. Mir kommt die Bewertung des eigenen Management geradezu grotesk niedrig vor - irgendwo um die 3,40 C$ - was meinst Du?

Danke

Art

[Statistix]

@Art ließ mal 9 und 10. Ich denke da habe ich alles gesagt. Angesichts dessen wie sich das Management zu bereichern sucht gehe ich davon aus, daß die das beste von bestem in die Exploreco mitnehmen. Allerdings werde ich die Conversion nicht mitmachen. Wenn ich in die neue Exploreco günstig reinkomme fein. Aber an der Börse. Den Trust mag ich nicht, steuerlich ist das auch ungünstig. Nein, nein ich hab verkauft. Die bringen die neue bestimmt wieder innerhalb von 3 Jahren auf 2000 bopd. Aber in der Nähe werde ich mich erinnern und gleich verkaufen.
Kann das Cash gut für andere Ideen zwischendurch brauchen. Das Management hat sich bereits commited. Ein Zeichen für mich dafür, daß sie glauben des bestmöglichen Deal (FÜR SICH!) gemacht zu haben. Und bei dem Preis und anschließendem PP kann sich der nur auf die Exploreco beziehen. Wäre die Co in Deutschland würde ich natürlich ansosntesn zuerst an die nützliche Abgabe denken.

[Art Bechstein]

[posting]18.124.284 von Statistix am 03.10.05 23:20:39[/posting]Danke für Dein Update; ich hatte gehofft, Du hast neue Erkenntnisse hinsichtlich der Durchführbarkeit der Übernahme. Kann den Ärger aber gut verstehen. Viel Erfolg weiterhin...

Art

[Statistix]

Art, danke für Deine Wünsche. Habe hier bei dem Wert keine Kenntnis bzgl. der Durchführbarkeit, da ich keine großen Aktionäre kenne. Wenn ich mir die Aktionärsstruktur allerdings ansehe und bedenke wie das sonst so bei Canadian Juniors läuft gehe ich davon aus dass das Ding glatt durchgeht. Das ist ja der Ärger. Die Can Juniors haben echte Schafe als Aktionäre. Sind auch im Gegensatz zu den US-Werten grob unterbewertet. Vergleiche z.B. FPP die ich heute verkauft habe und Choice oder Rival oder was auch immer. Da fragt man sich schon vonwegen effizienter Kapitalmarkt. Allerdings wenn man dann so ne Übernahme sieht wird einiges ein Stück klarer.

[Art Bechstein]

[posting]18.124.351 von Statistix am 03.10.05 23:37:14[/posting]ja das stimmt - die TSX-V und OTC-BB nehmen sich nicht viel. Mich nerven immer diese Placements, in deren Vorfeld die Kurse schön gedrückt werden, um dann die Buddies günstig reinzukriegen - dann wird kräftig abgeladen (schau mal bei Choice, wie Quest da ablädt). Im Prinzip dürfte man diese Buden alle nicht kaufen, aber mit ein bißchen Feeling kann man mitverdienen - Du hast ja ein recht gutes Händchen im Öl-Gasbereich. FPP ist mir schon etwas zu gut gelaufen - ich werde wohl auf CZE setzen, überlege mir allerdings noch einen guten Einstiegskurs, denn es wird wohl noch ein paar Wochen ohne News weitergehen und wenn NG/Öl preislich zurückkommt und Quest weiter verkauft, dann könnte es nochmal unter 80 Cent gehen...mal sehen - wenn Du noch nen frischen Tipp hast, gerne auch via BM

Danke und Gruß

Art