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Table of Contents
Table of Contents 2
List of Tables 5
List of Figures 6
Company Snapshot 8
Key Information 8
Company Overview 8
Perpetual Energy Inc., Valuation and Financial Data 9
Perpetual Energy Inc., Share Price Performance 9
Share Price Performance, Q2, 2015-Q2, 2016 9
Perpetual Energy Inc., Key Valuation Metrics 10
Key Valuation Metrics, Q2, 2015-Q2, 2016 10
Perpetual Energy Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q2, 2015-Q2, 2016 11
Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2015-Q2, 2016 12
Perpetual Energy Inc., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q2, 2015-Q2, 2016 13
Perpetual Energy Inc., Quarterly Production Trends 14
Perpetual Energy Inc., Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q2, 2015-Q2, 2016 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2015-Q2, 2016 15
Perpetual Energy Inc., Crude Oil Production 16
Total Crude Oil Production Trend, Q2, 2015-Q2, 2016 16
Crude Oil Production, By Country/Region, Q2, 2015-Q2, 2016 17
Perpetual Energy Inc., Natural Gas Production 18
Total Natural Gas Production Trend, Q2, 2015-Q2, 2016 18
Natural Gas Production, By Country/Region, Q2, 2015-Q2, 2016 19
Perpetual Energy Inc., Valuation and Financial Data, 2011-2015 20
Perpetual Energy Inc., Share Price Performance, 2011-2015 20
Share Price Performance, 2011-2015 20
Key Valuation Metrics, 2011-2015 21
Perpetual Energy Inc., Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27
Crude Oil Production and Reserves By Country/Region, 2011-2015 28
Crude Oil/Liquids Reserve Changes, 2011-2015 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2011-2015 31
Natural Gas Production and Reserves, By Country/Region, 2011-2015 32
Natural Gas Reserve Changes, 2011-2015 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36
Perpetual Energy Inc., E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2011-2015 38
Acquisition Costs By Country/Region, 2011-2015 39
Exploration and Development Costs, By Country/Region, 2011-2015 40
Oil and Gas Cost Per boe, US$/boe 42
Oil and Gas Cost Per boe, US$/boe, 2011-2015 42
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 44
Perpetual Energy Inc., Reserve Replacement Ratio 46
Oil and Gas Production Replacement Ratio 46
Oil and Gas Production Replacement Ratio, 2011-2015 46
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 48
Perpetual Energy Inc., Results of Oil & Gas Operations Trend 52
Oil and Gas Revenue and Expenses 52
Oil and Gas Revenue and Expenses, 2011-2015 52
Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 53
Oil and Gas Revenue and Expenses, Per boe 58
Oil and Gas Revenue and Expenses, By boe, 2011-2015 58
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 59
Oil and Gas Performance Metrics 63
Perpetual Energy Inc., Land Holdings and Well Data 64
Developed and Undeveloped Acreage 64
Gross and Net Developed and Undeveloped Acreage, 2011-2015 64
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 65
Well Statistics 68
Producible Oil and Gas Well, 2011-2015 68
Producible Oil and Gas Well, By Country/Region, 2011-2015 69
Exploration and Development Wells Drilled, 2011-2015 73
Recent Developments 74
Perpetual Energy Inc. - Recent Developments 74
Nov 07, 2016: Perpetual Energy Releases Third Quarter 2016 Financial And Operating Results 74
Aug 04, 2016: Perpetual Energy Releases Second Quarter 2016 Financial And Operating Results 79
May 09, 2016: Perpetual Energy Releases First Quarter 2016 Financial And Operating Results 84
Mar 02, 2016: Perpetual Energy Releases Fourth Quarter And Year-End 2015 Financial And Operating Results And 2015 Year-End Reserves 88
Nov 10, 2015: Perpetual Energy Releases Third Quarter 2015 Financial And Operating Results 96
Aug 10, 2015: Perpetual Energy Releases Second Quarter 2015 Financial And Operating Results 101
May 11, 2015: Perpetual Energy Releases First Quarter 2015 Financial And Operating Results 106
Mar 05, 2015: Perpetual Energy Releases Fourth Quarter And Year-End 2014 Financial And Operating Results 110
Feb 04, 2015: Perpetual Energy Releases 2014 Year-End Reserves 114
Jan 21, 2015: Perpetual Energy Exceeds 2014 Exit Rate Target And Provides Operational, Capital Spending And Hedging Update 119
Appendix 121
Methodology 121
Coverage 121
Secondary Research 121
Primary Research 121
Data Information Sources 122
Company Source 122
SEC/Other Regulatory Filings 122
Other Sources 122
Expert Panel Validation 122
Data Definition 122
Oil and Gas Reserves 122
Units of Measure 123
About GlobalData 123
Disclosure 123
Disclaimer 123
List of Tables
Table 1: Perpetual Energy Inc., Key Facts 8
Table 2: Perpetual Energy Inc., Share Price Performance, Q2, 2015-Q2, 2016 9
Table 3: Perpetual Energy Inc., Key Valuation Metrics, Q2, 2015-Q2, 2016 10
Table 4: Perpetual Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2015-Q2, 2016 11
Table 5: Perpetual Energy Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2015-Q2, 2016 12
Table 6: Perpetual Energy Inc., Upstream Capital Expenditure, Q2, 2015-Q2, 2016 13
Table 7: Perpetual Energy Inc., Total Crude Oil and Natural Gas, Production, Q2, 2015-Q2, 2016 14
Table 8: Perpetual Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2015-Q2, 2016 15
Table 9: Perpetual Energy Inc., Total Crude Oil Production, mmbbl, Q2, 2015-Q2, 2016 16
Table 10: Perpetual Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q2, 2015-Q2, 2016 17
Table 11: Perpetual Energy Inc., Total Natural Gas Production, bcf, Q2, 2015-Q2, 2016 18
Table 12: Perpetual Energy Inc., Natural Gas Production, By Country/Region, bcf, Q2, 2015-Q2, 2016 19
Table 13: Perpetual Energy Inc., Share Price Performance, 2011-2015 20
Table 14: Perpetual Energy Inc., Key Valuation Metrics, 2011-2015 21
Table 15: Perpetual Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23
Table 16: Perpetual Energy Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25
Table 17: Perpetual Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26
Table 18: Perpetual Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27
Table 19: Perpetual Energy Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29
Table 20: Perpetual Energy Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 30
Table 21: Perpetual Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31
Table 22: Perpetual Energy Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33
Table 23: Perpetual Energy Inc., Natural Gas Reserve Changes, bcf, 2011-2015 34
Table 24: Perpetual Energy Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35
Table 25: Perpetual Energy Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37
Table 26: Perpetual Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38
Table 27: Perpetual Energy Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39
Table 28: Perpetual Energy Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 41
Table 29: Perpetual Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43
Table 30: Perpetual Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 45
Table 31: Perpetual Energy Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 47
Table 32: Perpetual Energy Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 51
Table 33: Perpetual Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 52
Table 34: Perpetual Energy Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 57
Table 35: Perpetual Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 58
Table 36: Perpetual Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 62
Table 37: Perpetual Energy Inc., Oil and Gas Performance Metrics, 2011-2015 63
Table 38: Perpetual Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 64
Table 39: Perpetual Energy Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 67
Table 40: Perpetual Energy Inc., Producible Oil and Gas Wells, 2011-2015 68
Table 41: Perpetual Energy Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 72
Table 42: Perpetual Energy Inc., Exploratory and Developed Wells, 2011-2015 73
List of Figures
Figure 1: Perpetual Energy Inc., Share Price Performance, CAD/Share, Q2, 2015-Q2, 2016 9
Figure 2: Perpetual Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q2, 2015-Q2, 2016 10
Figure 3: Perpetual Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2015-Q2, 2016 11
Figure 4: Perpetual Energy Inc., Upstream Capital Expenditure, US$ mil, Q2, 2015-Q2, 2016 13
Figure 5: Perpetual Energy Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q2, 2015-Q2, 2016 14
Figure 6: Perpetual Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2015-Q2, 2016 15
Figure 7: Perpetual Energy Inc., Total Crude Oil Production, mmbbl, Q2, 2015-Q2, 2016 16
Figure 8: Perpetual Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q2, 2015-Q2, 2016 17
Figure 9: Perpetual Energy Inc., Total Natural Gas Production, bcf, Q2, 2015-Q2, 2016 18
Figure 10: Perpetual Energy Inc., Natural Gas Production, By Country/Region, bcf, Q2, 2015-Q2, 2016 19
Figure 11: Perpetual Energy Inc., Share Price Performance, CAD/Share, 2011-2015 20
Figure 12: Perpetual Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21
Figure 13: Perpetual Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22
Figure 14: Perpetual Energy Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24
Figure 15: Perpetual Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24
Figure 16: Perpetual Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26
Figure 17: Perpetual Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27
Figure 18: Perpetual Energy Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28
Figure 19: Perpetual Energy Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 28
Figure 20: Perpetual Energy Inc., Crude Oil Reserve Changes, mmbbl, 2015 30
Figure 21: Perpetual Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31
Figure 22: Perpetual Energy Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32
Figure 23: Perpetual Energy Inc., Gas Production, By Country/Region, bcf, 2011-2015 32
Figure 24: Perpetual Energy Inc., Natural Gas Reserve Changes, bcf, 2015 34
Figure 25: Perpetual Energy Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35
Figure 26: Perpetual Energy Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36
Figure 27: Perpetual Energy Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36
Figure 28: Perpetual Energy Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37
Figure 29: Perpetual Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38
Figure 30: Perpetual Energy Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 40
Figure 31: Perpetual Energy Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 40
Figure 32: Perpetual Energy Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 42
Figure 33: Perpetual Energy Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 44
Figure 34: Perpetual Energy Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 44
Figure 35: Perpetual Energy Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45
Figure 36: Perpetual Energy Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 46
Figure 37: Perpetual Energy Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 48
Figure 38: Perpetual Energy Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 48
Figure 39: Perpetual Energy Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49
Figure 40: Perpetual Energy Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49
Figure 41: Perpetual Energy Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 50
Figure 42: Perpetual Energy Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 50
Figure 43: Perpetual Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 52
Figure 44: Perpetual Energy Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53
Figure 45: Perpetual Energy Inc., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 53
Figure 46: Perpetual Energy Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 47: Perpetual Energy Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 54
Figure 48: Perpetual Energy Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55
Figure 49: Perpetual Energy Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 55
Figure 50: Perpetual Energy Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56
Figure 51: Perpetual Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 58
Figure 52: Perpetual Energy Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 53: Perpetual Energy Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 54: Perpetual Energy Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 55: Perpetual Energy Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 56: Perpetual Energy Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 57: Perpetual Energy Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 58: Perpetual Energy Inc., Oil and Gas Performance Metrics, 2011-2015 63
Figure 59: Perpetual Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 64
Figure 60: Perpetual Energy Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 65
Figure 61: Perpetual Energy Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 65
Figure 62: Perpetual Energy Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 66
Figure 63: Perpetual Energy Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 66
Figure 64: Perpetual Energy Inc., Producible Oil and Gas Wells, 2011-2015 68
Figure 65: Perpetual Energy Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 69
Figure 66: Perpetual Energy Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 69
Figure 67: Perpetual Energy Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 70
Figure 68: Perpetual Energy Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 70
Figure 69: Perpetual Energy Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 71
Figure 70: Perpetual Energy Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 71
Figure 71: Perpetual Energy Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 72
Figure 72: Perpetual Energy Inc., Exploratory and Developed Wells, 2011-2015 73