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Venture 250: The Class of 2014

The most promising new names on this year’s Venture 250

Sep 1, 2014

by Alberta Venture Staff

001_class2014_story01The Upside: Cardinal Energy went public in 2013, but for investors and company officials alike, it looks like the best is still to come. After generating $31.4 million in fiscal 2013, it produced $36.7 million in the first quarter of 2014 alone. With plenty of room on its balance sheet to make an acquisition in a buyer’s market, the company could be poised to make a move into the 100s by 2015.
001_class2014_story02The Upside: It’s been a good year for energy service companies, and with billions of dollars ready to be spent on both the continued growth in the oil sands (sorry, environmentalists) and the buildout of LNG export facilities on the B.C. coast, it looks like there will be plenty of good years to come. Enterprise Group, which is a consolidator of smaller companies in the construction services and specialized equipment rental field, stands to benefit directly from both trends.
001_class2014_story03The Upside: Kelt was carved out of Celtic Exploration under the terms of its 2012 purchase by ExxonMobil, and it appears it’s well on its way to matching its predecessor’s production. In fiscal 2013, it generated $40.3 million in revenue, but in just the first three months of 2014, it cranked out $41.8 million. Meanwhile, in early July it paid $165 million to a private company to acquire more assets and production in its core Montney play. It’s safe to assume this name will be well up next year’s list.
001_class2014_story04The Upside: The fact that Torc debuted at 159 is impressive on its own. Even more impressive is the fact that after generating $139.7 million in fiscal 2013, it produced $66.8 million in the first quarter of 2014. On a prorated basis that would put the company’s revenues at nearly double what it did in 2013, and that’s without factoring in any further production growth – either by the drill bit or through acquisition.
The Departed
V250 Peak
2009 rank: 11 Nexen
Date: February 26, 2013
The $15.1-billion takeover deal Nexen signed with CNOOC finally closed after seven months of regulatory wrangling. Shareholders get $27.50 in cash for each Nexen share they held at the time
2010 rank: 116 Cash Store Financial
Date: April 15, 2014
Filed for bankruptcy protection after it had its payday lending licences pulled in Ontario
2013 rank: 116 Tuscany International Drilling
Date: February 2, 2014
Forced into bankruptcy after delayed payments from large customers and underperforming acquisitions in Brazil and Africa, it was left unable to service its $200-million debt
2013 rank: 238 TriOil Resources
Date: November 13, 2013
Taken private by Dutch company ORLEN Upstream
2013 rank: 156 Lone Pine Resources
Date: September 25, 2013
The company was effectively bailed-in by its debt-holders under an arrangement where existing common shares were cancelled and new ones issued to holders of the company’s senior notes
2012 rank: 229 Insignia Energy
Date: May 28, 2013
Taken private by Brookfield Capital Partners, its
controlling shareholder
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