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Daylight Stats and 2006 Projections |
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TSX Listing
Units Outstanding with Exchangeables
Unit Price Trading Range
Convertible Deb
DAY.DB 8.5% - $9.50
Enterprise Value (approx.)
Production (boe/d) 55% gas
Cash flow* (MM)
per unit
Monthly Distribution - per unit
(payout - 60%)
2006 Capital Budget |
DAY.UN
64.0MM
$9.26 - $13.49
$7.5MM
$950-1,000MM
16,750-17,250
±$175MM
$2.66
$0.14
$90MM |
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*Based on commodity prices: WTI US$63.00/bbl,
AECO
C$8.00/mcf, US$/C$0.87
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Click here for printable version of Profile |
Daylight Energy Trust is an actively-managed, opportunity rich trust, focused in the high potential multi-zone
areas of West Central Alberta and the Peace River Arch and expanding into our East 5 area. Daylight seeks to leverage its competitive advantage
from a proven combination of high-end technical expertise and business execution skills to deliver the
maximum value from its high quality property base. Daylight has an extensive multi-year inventory of low risk
development and large scale exploitation opportunities combined with a large undeveloped land base. Daylight
will pursue selective acquisitions that meet our rigorous evaluation criteria for value and value creation. Daylight trust units are included in the S&P/TSX Income Trust Index and trade under the symbol DAY.UN.
First Year Highlights – Creating Value
Strategic acquisitions – Add reserves, production and opportunities at low cost
- Tempest acquisition – creative deal structure maximizes value
- Wildmere acquisition – well timed, well priced, expands development portfolio
Excellent 2005 drilling results – 100% drilling success
Increased reserves per unit and Reserve Life Index (RLI) – Proved and probable
- Increased reserves per unit by 19%
- RLI from 6.5 years to 7.8 years with 47.4 million boe
- Generated a 3.0x receycle ratio with a $10.96 per boe proved plus probable FD&A cost
Increased production per unit – Acquisition and exploitation
- Increased 11% from 13,228 boe/d (Q4-04) to 14,715 boe/d (Q4-05)
Reduced operating costs – Ongoing optimization and efficiency program
- Reduced operating costs from $10.57 (Q4-04) to $9.97 in 2005 targeting $10.00 per boe for 2006
Expanded opportunity base – Increased capital program
- Multi-year drilling inventory (260-290 locations)
Increased distribution per unit – Reduced payout percentage
- Increased cash distribution from $0.12 to $0.14 per month (OCT-05)
- Reduces payout percentage from 57% (Q1-05) to 50% (Q4-05)
- Distributed Open Range Common Shares and Arrangement Warrants, a newly created public junior exploration company (NOV-05)
Core Properties – High Quality, High Potential Assets
Peace River Arch/Deep Basin
- multi-zone, high potential
- ± 4,400 boe/d
- 62,500 net undeveloped acres
West Central Area
- large under developed opportunities
- ± 6,100 boe/d
48,300 net undeveloped acres
East 5 Area
- solid, low risk development
- ± 6,500 boe/d
- 318,500 net undeveloped acres
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Focused in high potential multi-zone areas
- Large liquid rich deep natural gas reserves - “Deep Basin” type gas trap
- Large high potential oil properties
- Large exploitable and previously under funded prospect inventory
Barriers to entry reduce competition
- Technically challenging/high cost drilling areas
- Access to land and processing facilities
Tremendous upside to unlock
- Operating cost reduction
- Development/exploitation reserve adds
- Large undeveloped land inventory
Large prospect inventory
- In-house geological/geophysical database
- Multi-year development/exploitation program
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Financial Highlights
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