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Freehold Royalties Ltd - Q1-2019 Earnings, Price Target Update

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Freehold Royalty Corp. has interests in 43,000 wells and receives royalty income from approximately 300 industry operators. Royalty rates vary from less than 1% (for some gross overriding royalties) to 22.5% (for some lessor royalties). As a royalty owner, they benefit from the drilling activity of others on their lands. As a royalty interest owner, they generally do not pay any of the capital costs to drill and equip the wells for production on most of the properties, nor do they incur costs to operate the wells, maintain production, and ultimately restore the land to its original state. Generally all of these costs are paid by the well operator. On the majority of production, they receive royalty income from gross production revenue (revenue before any royalty expenses and operating costs are deducted). Approximately 95% of revenues are from royalty income.

Freehold has two different types of royalty interests. Freehold maintains interests in 1M Mineral Title acres of which 0.4M acres are unleased. In 2017, 29% of production and 41% of operating income was derived from Mineral Titles. Freehold also maintains interests in 4.6M acres of Gross Overriding Royalty Reserve lands, of which 1.4M acres are undeveloped. In 2017, 71% of production and 59% of operating income were derived from GORRs.

The CN Pension Trust Funds owns 21.9% giving them the right to nominate two individuals as directors of Freehold. RIFE Resources is the manager of Freehold, management fees are paid in shares of Freehold which on average represents less than 0.3% of the total shares outstanding. Freehold does not have any employees. Rife Resources Management Ltd. (the Manager) is the manager of Freehold. The Manager is a wholly-owned subsidiary of Rife Resources Ltd. (Rife), and two of Rife's directors are also directors of Freehold.

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