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Long/short equity, deep value, event-driven, macro

Crew Energy: High Growth Potential And Meaningful Stock Upside

Crew Energy (OTCPK:CWEGF) is an oil and natural gas producer with exploration activity focused in the regions of Alberta (Canada), northeast British Columbia and Saskatchewan. As of FY12, the company had 153 mmboe of proved and probable reserves while the proved reserves were 85.1 mmboe. This investment note discusses the company's reserves profile, growth potential and the metrics, which suggest that the stock is significantly undervalued.

Strong Operational Progress

Before discussing the future growth drivers and valuation metrics, I would like to briefly discuss the operational progress of the company. Crew Energy has been aggressive in its drilling activities and this is reflected in the proved and probable reserves growth. The 2P reserves of the company have nearly...

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