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Notes from the Editor on Featured Article:
Valuation Commentary: Odyssey Petroleum Corp. (TSX-V: ODE) is now at an inflection point as an emerging oil and gas exploration and production company with significant land based reserves in the Southern United States containing multiple productive zones 7,500 ft to 17,000 ft subsurface. ODE.V possesses large reserves at depth with proven and probable reserves of 50,000,000 (BOE). Since inception in 2005 Odyssey has created a small base of production from wells at shallower depths through a highly skilled, cost effective, in-house workforce and hands-on management. Odyssey now feels they are securely in position to exploit the deeper known reserves, a move which will propel Odyssey to large production status/cash flow. 3D imaging of the first wells targeted at the ~17,000 ft zone of the reserves will be completed by the end of Q1 2010 and the results will be used to facilitate (operationally and financially) the drilling/production. Energy MarketWatch Journal has confirmed debt financing readily serviced by production is arranged to facilitate a two phased plan now underway. Phase one involves immediate action to boost production from current ~350 barrels per day to between 600 and 1000 through low risk development of work-overs -- this will occur while 3D imaging is being performed to set the stage for Phase 2 where the imaging results will have minimized risk and provide a means to drill and produce multiple wells drilled to ~17,000ft. Each deep well will cost ~USD$5M to drill yet is expected to yield 500 to 1000+ barrels of oil a day for 20+ years (4,000,000 barrels of oil and 4B cubic feet of gas from each well).
The risk-reward characteristics are highly advantageous for investors establishing a long position in ODE.V now. With less than ~188M shares outstanding (208M after closing of recent private placement announcement) and trading under CDN$0.10 ODE.V is poised for significant upside revaluation. In light of the serious and imminent nature of new capitalization of the company to accomplish its goals it is not unreasonable for shares of ODE.V on a forward discounted bases trade and gravitate significantly higher in the interim.
"With proven and probable reserves of 50M barrels, the oil is there for the taking and the 3D imaging of targets will provide the means (operationally and financially) to facilitate drilling/production of deep reserves. ODE.V shares are poised for significant upside revaluation according to accepted valuation metrics of USD$50K per flowing barrel plus stored value of reserves; the current market cap under $10M justifies a multiple upward valuation adjustment as it is now trading at less than 1% of discounted NPV reserve value and under its $20M infrastructure value. The company has made arrangements to replace what nominal debt it has so it may be serviced interest only and capitalize a two-phased plan to move towards major production of its reserves, this will lead to a shift in valuation of its reserves to 'proven, developed, and producing'."
Notes from the Editor on Featured Article:
Valuation Commentary: Odyssey Petroleum Corp. (TSX-V: ODE) is now at an inflection point as an emerging oil and gas exploration and production company with significant land based reserves in the Southern United States containing multiple productive zones 7,500 ft to 17,000 ft subsurface. ODE.V possesses large reserves at depth with proven and probable reserves of 50,000,000 (BOE). Since inception in 2005 Odyssey has created a small base of production from wells at shallower depths through a highly skilled, cost effective, in-house workforce and hands-on management. Odyssey now feels they are securely in position to exploit the deeper known reserves, a move which will propel Odyssey to large production status/cash flow. 3D imaging of the first wells targeted at the ~17,000 ft zone of the reserves will be completed by the end of Q1 2010 and the results will be used to facilitate (operationally and financially) the drilling/production. Energy MarketWatch Journal has confirmed debt financing readily serviced by production is arranged to facilitate a two phased plan now underway. Phase one involves immediate action to boost production from current ~350 barrels per day to between 600 and 1000 through low risk development of work-overs -- this will occur while 3D imaging is being performed to set the stage for Phase 2 where the imaging results will have minimized risk and provide a means to drill and produce multiple wells drilled to ~17,000ft. Each deep well will cost ~USD$5M to drill yet is expected to yield 500 to 1000+ barrels of oil a day for 20+ years (4,000,000 barrels of oil and 4B cubic feet of gas from each well).
The risk-reward characteristics are highly advantageous for investors establishing a long position in ODE.V now. With less than ~188M shares outstanding (208M after closing of recent private placement announcement) and trading under CDN$0.10 ODE.V is poised for significant upside revaluation. In light of the serious and imminent nature of new capitalization of the company to accomplish its goals it is not unreasonable for shares of ODE.V on a forward discounted bases trade and gravitate significantly higher in the interim.
"With proven and probable reserves of 50M barrels, the oil is there for the taking and the 3D imaging of targets will provide the means (operationally and financially) to facilitate drilling/production of deep reserves. ODE.V shares are poised for significant upside revaluation according to accepted valuation metrics of USD$50K per flowing barrel plus stored value of reserves; the current market cap under $10M justifies a multiple upward valuation adjustment as it is now trading at less than 1% of discounted NPV reserve value and under its $20M infrastructure value. The company has made arrangements to replace what nominal debt it has so it may be serviced interest only and capitalize a two-phased plan to move towards major production of its reserves, this will lead to a shift in valuation of its reserves to 'proven, developed, and producing'."
