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Peters & Co. Limited - an independent, fully integrated investment firm which has specialized for over 52 years in investments in the Canadian oil and natural gas and oilfield services industries.



The Investment Industry Regulatory Organization of Canada Rule 3400 and the Financial Industry Regulatory Authority Rule 2241 (U.S.) require certain disclosure and compliance in research reports. In general, Peters & Co. Limited and its U.S. registered affiliate, Peters & Co. Equities Inc., are in compliance with the above noted recommendations, rules, and regulations where they apply. The firm does not receive compensation for any non-securities related services.

Compensation of Analysts

The compensation of research analysts is intended to reflect the value of the services they provide to the clients of Peters & Co. Limited and its U.S. registered affiliate, Peters & Co. Equities Inc. As with most other employees, the compensation of research analysts is impacted by the overall profitability of the firm, which may include revenues from corporate finance activities of the firm's Corporate Finance department. Research analysts' compensation is not, however, directly related to any specific corporate finance transactions. All research analysts are employees of the parent company, Peters & Co. Limited.

Certification by Research Analysts

The author(s) of each research report certifies that the views expressed in that report accurately reflects his/her personal views about the subject security and issuer. The author(s) of the report further certifies that no part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in that research report.

Stock Ratings and Target Prices

Stock ratings and target prices are based on the analysts' assessment of the potential relative performance of a stock compared to its sector's index performance (namely, the S&P/TSX Energy Index). However, the firm publishes research on a wide range of companies that are headquartered in Canada and operating in the oil and natural gas industry, but many of these stocks or units are not listed in the Energy Index. The most important investment criteria and risk factors in these equities are the outlooks for, and the volatility of prices of world crude oil and North American natural gas. Given the volatility of producers' energy prices, the risk factor in equity prices increases inversely with the volume of production and increases proportionately with the ratio of debt capitalization.

The stock ratings and target prices are not based on financial ratios that are the same across all sectors of the oil and gas industry. Integrated companies are evaluated primarily on earnings estimates (EPS) and expected P/E ratios. Large and intermediate capitalized companies are evaluated primarily on cash flow estimates (CF), expected P/CF ratios, and Peters & Co.'s net asset value estimates. Small capitalization companies are evaluated based on estimates of cash flow, P/CF, and net asset values but with a greater emphasis on our estimate of the potential to increase the net asset value. Energy Service companies are evaluated on estimates of earnings before interest, taxes, depreciation & amortization (EBITDA) and earnings, and expected price multiples of these values. The distribution of stock ratings is intended to represent a statistical normal curve as indicated under Normal in the attached table.

Rating System & Distribution (as at November 27, 2023)

Ratings Distribution
Corporate Finance Services Provided*
Integrated and E&P
Energy Services
Energy Technology
Sector Outperform
Sector Perform
Sector Underperform
Restricted/Under Review

*Corporate Finance Services column shows the percentage of companies within each category from which the firm has received corporate finance revenues within the past twelve months or expects to receive in the next three months.

Dissemination of Research

The investment research of Peters & Co. is available to clients of the firm on a confidential basis. Clients of Peters & Co. and its affiliates may request to receive our research reports by e-mail, by hardcopy, or through electronic access to our website. The senior management team of the firm reviews all requests to receive research reports and related information. Approval to receive or access our firm's investment research is based on the given client being in good standing with the firm and on compliance with regulatory requirements.

Our research products include: the daily dissemination by e-mail of a news bulletin called the Energy Facts; the periodic e-mail and distribution by hardcopy of our macro commodity commentaries and statistical overview tables; and the distribution electronically of specific research documents on individual companies or specific aspects of, or timely issues in, the Oil and Gas sector.

Requests for access to research should initially be directed to our Research Department by e-mail at

United Kingdom - Disclaimer

Peters & Co. Limited (Peters & Co.) is not authorised in the United Kingdom. Therefore, securities that may be offered or discussed on this Website, which includes our research publications, are intended only for, and directed only at, certain persons in the United Kingdom who are both:

(a) "qualified investors" as defined in Article 2(e) of the retained EU law version of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "UK Prospectus Regulation"); and
(b) Any of the following:
(i) "investment professionals" within the definition in Article 19(5) of the FSMA (Financial Promotion) Order 2005 (FPO);
(ii) the categories of persons referred to in Article 49(2) (a) to (d) of the FPO namely, high net worth companies, unincorporated associations, partnerships or trustees of high value trusts; and
(iii) any other persons to whom this material may lawfully be communicated,
the above persons together being referred to as "relevant persons."

The securities that may be offered and represented on this Website are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such rights in securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this Website or any of its contents. This Website contains no offer of transferable securities to the public in the United Kingdom within the meaning of sections 85(1) and 102B of FSMA and contains no offer of securities to the public in the United Kingdom within the meaning of Article 3(1) of the UK Prospectus Regulation. This Website is not an “approved prospectus” for the purposes of Section 85(7) of FSMA. Accordingly, this Website has not been examined or approved as a prospectus by the Financial Conduct Authority (FCA) under Section 87A FSMA or by the London Stock Exchange and has not been filed with the FCA pursuant to the UK Prospectus regulation and the rules published by the FCA in the FCA Handbook PRR Prospectus Regulation Rules sourcebook nor has it been approved by an “authorized person” for the purposes of Section 21 of FSMA.

This is investment research. The information, data, analyses and opinions, “information”, contained on this Website: (1) include the proprietary information of Peters & Co.; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute advice and should not be relied upon as such; (4) are provided solely for informational purposes; (5) are provided to our clients generally, and are not designed for any one client specifically; (6) are not warranted or represented to be complete, accurate or current; and (7) may be drawn from data published on various dates. The information does not take into account the investment objectives, financial circumstances or investment needs of any particular investor. The investments featured on this Website may not be suitable for every investor. Nothing on this Website shall, or is intended to, constitute financial, legal, accounting or tax advice. The information should not be relied upon as the basis of an investment decision. Peters & Co. disclaims all liability to you for any trading decisions, damages or other losses related to the information or its use. If you choose to use this information, you do so at your own risk. You should verify all the information before using it and seek the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

This information is CONFIDENTIAL and should not be passed on by a relevant person to anyone, other than to relevant persons, and only as specifically authorised by Peters & Co.

A substantially similar UK Disclaimer to that directly above has been included on all company research publications from September 8, 2014 forward. You acknowledge and agree that the above UK Disclaimer applies to all company research publications available for viewing on our Website published prior to September 8, 2014, even though it is not printed directly thereon.

This document was last updated on July 7, 2021.


The statements contained herein are based upon information that we believe to be reliable, although we cannot guarantee their accuracy. Our firm or its directors or members of their families may at times have a long or short position in the securities mentioned herein and may make purchases or sales of these securities while this memorandum is in circulation. Peters & Co. Equities Inc., a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation, is a wholly-owned subsidiary of Peters & Co. Limited and operates as a broker-dealer in the United States.

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