2.7 MMcf gas per day +67 bbl per day,
According to industry standard: 6mcf gas =1bl crude oil.
1 million Btu = 1000 cf and 1 barrel of oil equivalent = 5,800 cf is a common approximation.
2700/6=450bbl +70= circa 520bbl per day
At 500bbl per day, let's have a looks our peers at this level:
1, I think CTR is the first which is much comparable with HOG:
CTR: producing 140bblpd atm, may be increased to 400bbl
MC: $19m ($29m? when producing 400bbl?)
Exploration upside potential: 20mmbbl
HOG: producing 500bblpd atm, plus own gas plant
Exploration upside potential: 300bcf+7.5mmbl
300bcf=0.3 TCF = 45mbbl (boe) +7.5mm= total 52.5mmbbl
CTR still got more CR coming, no storage facilities....
If you just compare HOG with CTR, HOG is undervalued 300%.
2, CVN: producing 508bblpd atm, MC $54m
3, NEN: 300bblpd plus fancy upside potential? MC145m
4, NDO: 1100pbd MC$85m
5, OGY: sharing 150bblpd, MC $13m
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