GRAND PETROLEUM $3.75 (Toronto symbol GPP; SI Rating: Speculative) (403-231-8400; www.grandpetroleum.com; Shares outstanding: 24.0 million; Market cap: $89.9 million) explores for and develops oil and natural gas in central Alberta. It has also started drilling in southeast Saskatchewan.
In the three months ended September 30, 2006, Grand’s revenue rose 16.6%, to $13.8 million from $11.8 million. Cash flow per share rose 11.1%, to $0.30 from $0.27. The company’s shares now trade for just 3.1 times cash flow.
Grand’s average daily production rose 31.2% in the latest quarter, to 2,755 barrels of oil equivalent from 2,095 barrels. Production is weighted 67% toward crude oil and liquids and 33% natural gas.
In the quarter, the company’s average realized price for crude oil was $63.66 U.S. and $5.93 U.S. for natural gas.
Grand’s debt of $28.3 million is about 77% of shareholders’ equity or just under one times annual cash flow.
Grand Petroleum is a buy for aggressive investors.
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