BUY DNR for continued growth potential. This small-cap has one of the best growth profiles in its peer group.
1999 Actuals: EPS = $0.12 CFPS = $0.75 Average Daily Production = 16,748 boe Average Realized Prices = $2.34/mcf , $13.08/bbl
2000 Actuals: EPS = $3.07 (includes $1.45 non-cash tax credit) CFPS = $2.41 Average Daily Production = 21,330 boe Average Realized Prices = $3.28/mcf , $23.37/bbl
2001 Actuals: EPS = $1.12 CFPS = $3.71 Average Daily Production = 31,151 boe Note: Q4 averaged 34,956 boepd Average Realized Prices = $4.66/mcf , $21.65/bbl
2002 Forecast: EPS = $0.50 CFPS = $2.16 Average Daily Producton = 35,250 boe Note: Per CC, production forecast to be flat with Q4 in first half of 2002 with production ramping up in Q3 and Q4 primarily on CO2 floods. Based on Q4 2001 actual production and comments made during the CC their production forecast for 2002 looks conservative. Average Realized Prices = $2.50/mcf , $20.00/bbl
Price Floors in place for 2002: > 75% of NG protected by floors at $2.50/mcf > 62% of oil protected by floors at $21.00/bbl
Special items included in 2002 forecast: > $13.3 million credit related to Enron settlement > $3.5 million Section 43 EOR tax credit
...Another strong quarter...flawless execution...as usual....I have no idea why DNR doesn't get the respect it deserves....I look at this as a long term keeper...PS..if you are interested, listen to the Conference Call... Regards...
Correct me if I am wrong.. The good Gasers are getting shorted a awful lot. Until we get a solid upward movement in price the shorts will continue to hold back the small caps. I own UPL..saw you over at SSRI.. I am going to do some more DD but I like what I see.