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Pengrowth Energy Corporation Message Board

  • surfandski surfandski Apr 12, 2011 12:03 PM Flag

    SunCats...PVX vs PGH

    PVX is just gas, PGH is gas and oil However I think the hit to PGH is larger than it should be since based on what I wrote a while back (see below) PGH only has 35% of its reserves in oil. But traders will do what they do.

    ********************************

    "Using a 6:1 boe conversion rate for natural gas, approximately 35 percent of Pengrowth's proved plus probable reserves are light/medium crude oil, eight percent are heavy oil, nine percent are NGLs, 44 percent are natural gas and four percent are coal bed methane"

    So only 35% of the companies reserve are light crude. 44% of it is gas, which as we all know is in the crapper. The only thing that is going to give this stock a bump is if NG starts climbing.

    Also

    "Pengrowth has hedged approximately 40 percent of its forecasted 2011 total liquids production and 22 percent of its forecasted total natural gas production at an average price of Cdn $90.44 per bbl and Cdn $5.71 per MMBtu, respectively"

    So, only 60% of 35%, that is 19.5% of total production(if we assume for the sake of argument that production percentages are the same as reserves) will benefit from prices higher than $90/barrel.

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