With depressed energy prices, public markets have created companies with extremely low valuations, some of which are selling below its book value. Basically what this means, is that buying out a company based on the present market cap, selling all assets, and paying off all liabilities, would provide the acquirer with a profit. Some oil & gas companies actually possess good-quality assets, and could be acquired by larger, less profitable businesses. This includes the companies on our list today.
Ithaca Energy Inc. (TSX: IAE) – $0.69
Oil & Gas Exploration and Production
Ithaca Energy Inc. is a Canada-based company engaged in exploration, development and production of oil and gas in the North Sea. The Company has a Norwegian exploration and appraisal asset portfolio, with a focus of activities being on the generation of reserves in lower risk geological and geographic locations.
- Market Cap: $213,430,884
- Total Equity (LFQ): $1,075,266,500
- P/B: 0.20x
- Revenues (LTM): $367,350,281
Pengrowth Energy Corp. (TSX: PGF) – $1.08
Oil & Gas Exploration and Production
Pengrowth Energy Corporation is engaged in the production, development, exploration and acquisition of oil and natural gas assets. The Company is focused on further developing the Lindbergh Thermal Project, located in East Central Alberta, near Cold Lake.
- Market Cap: $581,887,799
- Total Equity (LFQ): $2,737,200,000
- P/B: 0.21x
- Revenues (LTM): $1,626,300,000
Baytex Energy Corp. (TSX: BTE) – $4.34
Oil & Gas Exploration and Production
Baytex Energy Corp. (Baytex), through its subsidiaries, is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (primarily in the provinces of Alberta and Saskatchewan) and in the United States (primarily in the state of Texas). The Company’s crude oil and natural gas operations are organized into three business units: Central; Lloydminster; and United States. Each business unit has a portfolio of mineral leases, operated and non-operated properties and development prospects.
- Market Cap: $837,113,569
- Total Equity (LFQ): $3,045,625,000
- P/B: 0.27x
- Revenues (LTM): $1,351,300,000
Bonavista Energy Corp. (TSX: BNP) – $3.02
Oil & Gas Exploration and Production
Bonavista Energy Corporation (Bonavista) is an oil and natural gas company that acquires, develops and holds interests in oil and natural gas properties and assets in Western Canada. Its West Central Core Area is characterized by liquids-rich natural gas and light oil resources. It includes infrastructure of over 2,800 kilometers of pipelines and 38 facilities, which are operated by Bonavista.
- Market Cap: $640,721,735
- Total Equity (LFQ): $2,244,420,000
- P/B: 0.29x
- Revenues (LTM): $731,597,000
Blackpearl Resources Inc. (TSX: PXX) – $0.87
Oil & Gas Exploration and Production
BlackPearl Resources Inc. (BlackPearl) is an oil and natural gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas. Its core properties include Onion Lake, Saskatchewan, which is a conventional heavy oil property with a thermal enhanced oil recovery project under construction; Mooney, Alberta, which is a conventional heavy oil property using horizontal drilling and alkali, surfactant, polymer flooding, and Blackrod, Alberta, which is a bitumen property located in the Athabasca oil sands region using the Steam Assisted Gravity Drainage (SAGD) recovery process.
- Market Cap: $281,936,110
- Total Equity (LFQ): $660,921,000
- P/B: 0.43x
- Revenues (LTM): $131,000,000
