DELPHI ENERGY $1.39 - Toronto symbol DEE

DELPHI ENERGY $1.39 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 153.1 million; Market cap: $211.3 million; No dividends paid) explores for oil and natural gas in Alberta and B.C. Gas makes up 72% of Delphi’s daily output; the remaining 28% is oil.

In the three months ended June 30, 2013, Delphi’s average daily output fell 11.6%, to 7,635 barrels of oil equivalent (including gas) from 8,636 barrels a year earlier. Disruptions at third-party processing facilities, which cut the company’s output by 1,495 barrels a day, were the main reason for the decline. Those issues are now resolved.

Higher oil and prices offset the lower output, and that kept cash flow unchanged at $0.05 a share.

The company’s debt of $114.1 million is a manageable 54% of its market cap. Delphi plans to spend between $78.0 million and $82 million on exploration and development this year. That includes $10 million from a partner to help drill four wells in exchange for a production royalty.

This year’s spending, along with between $80 million and $90 million in 2014, could push Delphi’s daily output as high as 10,000 barrels a day in 2014.

Delphi is a buy for aggressive investors.

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