< strong>DELPHI ENERGY $1.43 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 153.1 million; Market cap: $217.4 million; No dividends paid) develops, produces and explores for oil and natural gas. About 74% of its production is gas. The remaining 26% is oil.
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The company’s output rose 6.5% in the three months ended September 30, 2013, to 8,797 barrels of oil equivalent per day (including gas) from 8,257 barrels a year earlier.
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Cash flow per share gained 16.7%, to $0.07 from $0.06. The higher production was the main reason for the increase. The company also realized higher prices for its oil and gas in the latest quarter.
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Delphi’s $118.6 million of debt is a manageable 54.6% of its $217.4-million market cap.
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The company is spending $80 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. On September 30, 2013, Delphi had drilled two wells under this agreement, both of which were successful.
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This year’s spending, along with $80 million to $90 million in 2014, could push the company’s daily output as high as 10,000 barrels a day in 2014.
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Delphi Energy is a buy for aggressive investors.
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