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Drake Pacific, DPE.v



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By Bobwins

Posted: Tuesday Sep 2 8:49:21AM 2008

dpe.v C$.35 posted Q2 financials on Sedar. Excellent results. Avg production 172boepd blended price received way up to 80.61 Total gross revs of 1.262million, double Q1 Net income of 324,682, huge increase from loss of 292K in Q1 EPS of .025, annualized rate of .10 or p/e of 3.5! Cashflow of 546,418 vs 120,936 in Q1. .04/share Price to cashflow on forward annualized basis = 2 DPE acquired a private company that closed after the qtr end. Will add 70more bpd and signficant reserves. New reserves now 15.2million after acquisition vs market cap of 6.3 million New fully diluted share count will be 18.541 million shares after the acquisition. Profitable, cheap p/e and price to cashflow, significant undervaluation below reserve value. DPE.v could easily double/triple over the next year and still be fairly valued. Bobwins

By Bobwins

Posted: Thursday Jul 31 8:16:08PM 2008

Drake Pacific has a new updated website. http://www.drakepacific.com/ Under quick links, Download the latest presentation. Very informative showing guidance of an exit rate of 350boepd for 12/08. NAV of .89/share vs current share price of .32. Cashflow looks to double in Q3 to the .10 range. DPE.v is looking for acquisitions and still has opportunities to grow thru the drillbit. Tiny but mgmt is focused on steady growth in production and cashflow. Nice balance between gas/oil. Bobwins

By Bobwins

Posted: Sunday May 4 12:44:58PM 2008

Drake Pacific, DPE.v C$.29 reviewed their annual report to get Q4 results. They did better than I anticipated with an increase in production to 126boepd vs 87 for Q3. Sousa field was shut in during Q3 but was reestablished in Q4. Here are the results Production 126boepd Gross revs 611K Net Loss $232.7K Cashflow of $112K or .0075/share 15million fully diluted(this is higher than company is using due to options and warrants of 4.5million. Strike prices are close to current price so I added all) Based on adding Sousa for a full qtr and the new Swan Hill oil well at 70bpdnet to DPE.v, next qtr should avg 190boepd. Here are my updated estimates for DPE.v Q1 08 135boepd avg production @ $55/boe Gross $676K Net loss $229K Cashflow of $151K or .01/share Q2 08 190boepd @$60/boe Gross 1million gross revs Net loss 44K Cashflow of 386K or .026/share Q3 08 225boepd @$62/boe Gross revs 1.28million Net profit 159K b/f tax Cashflow of 639K or .04/share Company is guiding for almost 250boepd exit rate for Q2 so I think these are conservative numbers. At .04/share cashflow, DPE.v is very cheap vs current .29 share price but they have to report three more qtrs of results before we get to that cashflow level. However there should be more good news as improved cashflow will allow the company to continue to drill. They say they have more prospects at Swan Hills. Any additional success there will move the numbers substantially higher. Bobwins

By Bobwins

Posted: Monday Apr 7 7:53:34AM 2008

some interest in DPE.v +.03 to C$.34 on 155K volume. Some serious bidders. 201K @.32 Who knows, I might be able to exercise my warrants at .31 and make some change! My first and only Canadian PP might work out. Bobwins

By Bobwins

Posted: Friday Apr 4 1:11:42PM 2008

DPE.v Did some proformas. At 185boepd for Q2 @ $60/boe, DPE.v cashflows C$.03. That = .12 forward annualized vs .31 price. Bobwins

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