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Spartan Exploration C$4.50

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By Bobwins

Posted: Wednesday Dec 15 12:01:10PM 2010

I think this is a solid pick for 2011 that should get close to a double or more. Spartan has good land positions in 3 areas, Cardium, Shaunavon and Bakken. Hundreds of drill sites. 14/14 in Cardium so production is jumping with avg of 979boepd in Q3 and 1825boepd currently. Expects to avg 2400-2600boepd in 2011 with exit rates up to 3000boepd. High netbacks due to oil heavy production. $42 in Q3 but guiding for $47 in 2011. Cashflow in Q3 was .11/share but guiding for C$.93 to 1.02 in 2011! Stock should get to C$7 to 9 range in 2011 and could go higher if Shaunavon and Bakken drill programs prove up their land positions as economic. Big capex program for 2011 of 57 to 71million. Cashflow and production are similar to Exall but the big advantage to Spartan is their big land position and multi year inventory of drill sites. They have sustainable growth in their land position. This looks like a great buy and hold. Out of cash so will have to watch this one. Bobwins

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