Stock Picks: Great Plains Exploration (TSE:GPX)

GPX is a junior oil and gas company engaged in the exploration for, and development and production of, oil and natural gas in Western Canada, primarily in the province of Alberta.

Quick Facts (Q2 2010):

Average Production: 1,662 boe/d, 54% oil + ngl

O/S: 109.33 million FD

NAV: 0.81$

Land: 130k net undeveloped +140k under option

(5800 net acres of Cardium rights with an inventory of 23 drill locations)

Tax Pools: $94 million

Q2 Quarterly Highlights

Q2/10 production: +28% Q-Q and +28% Y-Y.

Q2/10 operating netback: $21.12 per barrel +48% Q-Q.

Q2/10 operating expense: -21% Q-Q.


Production for September is expected to average 1,700 boe/d with a 62% oil weighting. For the second half of 2010 GPX will be drilling 6 more Cardium oil wells. The first has been drilled and production operations are commencing. One more Nisku well targeting oil has been licensed to be drilled in Q4.  GPX is doing an excellent job by focusing on higher value oil plays as they need to keep their debt in check and improve their netback.

In northeast British Columbia the company has approximately 450 boe/d of tested gas production behind-pipe. If natural gas prices recover this winter, this production will sure give them a push but they should not count on it. Executing on their oil targets will strengthen their position for 2011.


I am currently a shareholder of Great Plains Exploration. I was not paid any fees to feature this stock. I am just sharing my research. Please do your own due diligence before buying or selling any security.

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