Home > Market Research > Oil & Gas > Zargon Energy Trust Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

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Market Briefing
Published: November 2009
Pages: 91
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 156.25   Buy Now!
Research from: GlobalData
Sector: Oil & Gas

Zargon Energy Trust Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

Summary

Zargon Energy Trust (Zargon Energy) is an open end investment trust. It is engaged in the exploration and development of crude oil and natural gas in Canada and the US. The company principally operates in Alberta Plains, West-central Alberta and Williston basin in Canada and North Dakota in the US. These, Alberta Plains and West-central Alberta provides the base for the company’s natural gas exploration and development businesses and Williston basin region of Canada provides the base for oil exploitation business. It is headquartered in Alberta, Canada. In the year 2008, the company has acquired two companies Rival Energy Ltd. and Newpact Energy Corp. completely and integrated sucessfully

GlobalData’s "Zargon Energy Trust Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009" is an essential source for key operational data, analysis and strategic insight into the company. The report provides detailed and unique information on the key operational parameters for the last six years. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations. The report is based on publicly available data filed with the US Securities and Exchange Commission (SEC) and other similar agencies worldwide. GlobalData is a premium business intelligence company.

Scope

- Key operational parameters which include production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Analysis of the performance of the company on key valuation multiples such as market capitalization, enterprise value, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), EV / EBITDA, and EV / EBITDA.
- Annual and quarterly information on key operational, valuation and financial parameters. Annual information is for the current and the last five years while the quarterly information is for the current and the last four quarters.
- Detailed crude oil and natural gas reserves and production of the company by country
- In-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position, key costs and revenue information, and performance metrics of the company.

Reasons to buy

- Formulate business strategies through competitor comparison and business performance assessment.
- Rank your performance against oil and gas companies using operational and financial benchmarking metrics.
- Understand and capitalize on the strengths and weaknesses of your competitors
- Scout for potential acquisition targets, with detailed insight into the companies’ operational performance.

Key Information 1
Key Ratios 1
Table Of Contents 2
List of Tables 5
List of Figures 6
Zargon Energy Trust, Valuation and Financial Data 7
Zargon Energy Trust, Share Price Performance 7
Share Price Performance, Q3, 2008-Q3, 2009 7
Zargon Energy Trust, Key Valuation Metrics 8
Key Valuation Metrics, Q3, 2008-Q3, 2009 8
Zargon Energy Trust, Key Financials Per Share 9
Key Financials Per Share, Q3, 2008-Q3, 2009 9
Zargon Energy Trust, Key Financial Data 10
Key Financial Data, Q3, 2008-Q3, 2009 10
Key Financial Growth Rates, Q3, 2008-Q3, 2009 11
Key Profitability Ratios, Q3, 2008-Q3, 2009 12
Zargon Energy Trust, Quarterly Results of Oil & Gas Operations Per BOE Produced 13
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 13
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 14
Zargon Energy Trust, Quarterly E&P Costs Trends 15
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 15
Zargon Energy Trust, Quarterly Production Trends 16
Zargon Energy TrustTotal Oil and Gas Production 16
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 16
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 17
Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 18
Zargon Energy TrustCrude Oil Production 19
Total Crude Oil Production Trend, Q3, 2008-Q3, 2009 19
Crude Oil Production, By Country/Region, Q3, 2008-Q3, 2009 20
Zargon Energy TrustNatural Gas Production 21
Total Natural Gas Production Trend, Q3, 2008-Q3, 2009 21
Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 22
Zargon Energy Trust, Production and Reserves Trends 23
Total Oil and Gas, Reserves and Production 23
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 23
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 24
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2003-08 26
Crude Oil Production and Reserves By Country/Region, 2003-08 27
Crude Oil/Liquids Reserve Changes, 2003-08 28
Natural Gas Production and Reserve 29
Natural Gas Production and Reserve Trend, 2003-08 29
Natural Gas Production and Reserves, By Country/Region, 2003-08 30
Natural Gas Reserve Changes, 2003-08 31
Total Crude Oil and Natural Gas Reserves Life Index 32
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 32
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 33
Zargon Energy Trust, E&P Costs Trends 35
Allocation of the Upstream Capital Expenditure 35
Upstream Capital Expenditure, 2003-08 35
Acquisition Costs By Country/Region, 2003-08 36
Exploration and Development Costs, By Country/Region, 2003-08 37
Oil and Gas Cost Per Boe, $/boe 38
Oil and Gas Cost Per Boe, $/boe, 2003-08 38
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 39
Zargon Energy Trust, Reserve Replacement Ratio 42
Oil and Gas Production Replacement Ratio 42
Oil and Gas Production Replacement Ratio, 2003-08 42
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 44
Zargon Energy Trust, Results of Oil & Gas Operations Trend 48
Oil and Gas Revenue and Expenses 48
Oil and Gas Revenue and Expenses, 2003-08 48
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 49
Oil and Gas Revenue and Expenses, Per Boe 50
Oil and Gas Revenue and Expenses, By Boe, 2003-08 50
Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2003-08 51
Oil and Gas Performance Metrics 51
Zargon Energy Trust, Land Holdings and Well Data 52
Developed and Undeveloped Acreage 52
Gross and Net Developed and Undeveloped Acreage, 2003-08 52
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 53
Well Statistics 54
Producible Oil and Gas Well, 2003-08 54
Producible Oil and Gas Well, By Country/Region, 2003-08 55
Exploration and Development Wells Drilled, 2003-08 59
Exploration and Development Wells Drilled, By Country/Region, 2003-08 60
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 61
Developed Reserves per Well, By Country/Region, 2003-08 62
Recent Developments 64
Drilling and Production Updates 64
Feb 28, 2008: Zargon Updates On Year End 2007 Reserves 64
Nov 22, 2007: Zargon Increases Fiscal 2008 Production Guidance 64
Nov 13, 2007: Zargon Updates On Q4 2007 And 2008 Production Guidance 64
Financial Announcements 65
Nov 11, 2009: Zargon Energy Reports Net Earnings Of CAD4.5 Million In Q3 2009 65
Aug 12, 2009: Zargon Energy Reports Total Revenues Of CAD23.6 Million In Q2 2009 66
May 12, 2009: Zargon Energy Posts Revenue Of CAD27.8 Million In Q1 2009 67
Mar 10, 2009: Zargon Energy Reports 2008 Results 68
Nov 12, 2008: Zargon Reports Q3 2008 Results 70
Aug 13, 2008: Zargon Reports 2Q 2008 Results 71
May 14, 2008: Zargon Declares Q1 2008 Results 72
Mar 11, 2008: Zargon Declares Q4 2007 Results 74
Nov 13, 2007: Zargon Declares Q3 2007 Results 75
Aug 13, 2007: Zargon Declares Q2 2007 Results 76
May 14, 2007: Zargon Reports Q1 2007 Results 77
Mar 13, 2007: Zargon Declares Q4 2006 Results 78
Other Significant Developments 79
Feb 24, 2009: Zargon Energy Provides Operational Update And Reserves For 2008 79
Dec 17, 2008: Zargon Board Member Resigns 81
Nov 06, 2007: Zargon Chairman Retires, Appoints New Chairman 81
Jan 31, 2007: Zargon Appoints New Board Member 81
Appendix 82
Methodology 82
Coverage 82
Secondary Research 82
Primary Research 83
Key Economic Assumptions 83
Expert Panel Validation 83
Oil and Gas Reserves 83
Acreage and Well Information 84
Cost Incurred in Oil and Gas Operations 84
Reserves Replacement Ratio 86
Results of Oil & Gas Operations 88
Results of Oil & Gas Operations Per BOE Produced 90
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 91
Net Debt / Cash Flow 91
Market Capitalization 91
EV / EBITDA 92
EV/DACF (Debt Adjusted Cash Flow Multiple) 92
EV/Production 92
EV/Proved Reserve 92
Enterprise Value 92
EBITDA / Share (Diluted) 92
Price / Annualized CFPS 92
Price / Annualized EPS (P/E Ratio) 92
Shares Outstanding (Basic) 92
Shares Outstanding (Diluted) 92
Shares Outstanding 92
Stock Price-to-Cash Flow (at year-end) 92
Stock Price-to-Cash Flow (Quarter-end) 92
Stock Price-to-Net Income (at year-end) 92
Stock Price-to-Net Income (Quarter-end) 93
Stock Price-to-Revenue (at year-end) 93
Stock Price-to-Revenue (Quarter-end) 93
Debt / EV 93
Avg. Net Debt / Boed 93
Capex / Cash Flow 93
Unit Of Measure 93
Disclosure information 93

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Table of Contents

List of Tables
Zargon Energy Trust, Key Facts 1
Zargon Energy Trust, Key Ratios 1
Zargon Energy Trust, Key Costs Per Boe, $/boe, 2008 1
Zargon Energy Trust, Share Price Performance, Q3, 2008-Q3, 2009 7
Zargon Energy Trust, Key Valuation Metrics, Q3, 2008-Q3, 2009 8
Zargon Energy Trust, Key Financials Per Share, Q3, 2008-Q3, 2009 9
Zargon Energy Trust, Key Financials Per Share Growth Rates, Q3, 2008-Q3, 2009 9
Zargon Energy Trust, Key Financial Data, $ Million, Q3, 2008-Q3, 2009 10
Zargon Energy Trust, Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 11
Zargon Energy Trust, Key Profitability Ratios, %, Q3, 2008-Q3, 2009 12
Zargon Energy Trust, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 13
Zargon Energy Trust, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q3, 2008-Q3, 2009 14
Zargon Energy Trust, Upstream Capital Expenditure, Q3, 2008-Q3, 2009 15
Zargon Energy Trust, Total Crude Oil and Natural Gas, Production, Q3, 2008-Q3, 2009 16
Zargon Energy Trust, Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 17
Zargon Energy Trust, Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 18
Zargon Energy Trust, Total Crude Oil Production, MMbbl, Q3, 2008-Q3, 2009 19
Zargon Energy Trust, Crude Oil Production, By Country/Region, MMbbl, Q3, 2008-Q3, 2009 20
Zargon Energy Trust, Total Natural Gas Production, Bcf, Q3, 2008-Q3, 2009 21
Zargon Energy Trust, Natural Gas Production, By Country/Region, Bcf, Q3, 2008-Q3, 2009 22
Zargon Energy Trust, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 23
Zargon Energy Trust, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2003-08 24
Zargon Energy Trust, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2003-08 25
Zargon Energy Trust, Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 26
Zargon Energy Trust, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2003-08 27
Zargon Energy Trust, Crude Oil Reserve Changes, MMbbl, 2003-08 28
Zargon Energy Trust, Natural Gas Production and Reserves Metrics, Bcf, 2003-08 29
Zargon Energy Trust, Natural Gas Production and Reserves, By Country/Region, Bcf, 2003-08 30
Zargon Energy Trust, Natural Gas Reserve Changes, Bcf, 2003-08 31
Zargon Energy Trust, Oil and Gas Reserves Life Index, Years, 2003-08 32
Zargon Energy Trust, Oil and Gas Reserves Life Index, By Country/Region, Years, 2003-08 34
Zargon Energy Trust, Upstream Capital Expenditure, $ Million, 2003-08 35
Zargon Energy Trust, Proved and Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 36
Zargon Energy Trust, Exploration and Development Costs, By Country/Region, $ Million, 2003-08 37
Zargon Energy Trust, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 38
Zargon Energy Trust, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2003-08 41
Zargon Energy Trust, Oil and Gas Production Replacement Ratio, %, 2003-08 42
Zargon Energy Trust, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2003-08 47
Zargon Energy Trust, Revenue and Expenses, $ Million, 2003-08 48
Zargon Energy Trust, Revenue and Expenses, By Country/Region, $ Million, 2003-08 49
Zargon Energy Trust, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 50
Zargon Energy Trust, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 2003-08 51
Zargon Energy Trust, Oil and Gas Performance Metrics, 2003-08 51
Zargon Energy Trust, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 52
Zargon Energy Trust, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2003-08 53
Zargon Energy Trust, Producible Oil and Gas Wells, 2003-08 54
Zargon Energy Trust, Producible Oil and Gas Wells, By Country/Region, 2003-08 58
Zargon Energy Trust, Exploratory and Developed Wells, 2003-08 59
Zargon Energy Trust, Exploratory and Developed Wells, By Country/Region, 2003-08 60
Zargon Energy Trust, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 61
Zargon Energy Trust, Developed Reserves per Well, By Country/Region, Mboe per Well, 2003-08 63

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