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Arc Resources Ltd(Seven Generations Energy) - Price Target Forecast

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Arc Resources Ltd (ARX-TSX) and Seven Generations Energy (VII-TSX) are merging to form a low-cost natural gas and high-margin condensate producer with reserves concentrated in the Montney region. Combined production is forecast at 340,000 boe per day for 2021, comprised of 40% condensate and 60% natural gas. Reserves are forecast at 2.7B boe as at Dec-31-2021. The combined company will become the largest condensate producer, third-largest natural gas producer, and sixth-largest upstream energy company in Canada. The Montney Region in Northern Alberta and BC accounts for 70% of production and represents the largest concentration of reserves. The Montney region is recognized as one of the best tight gas plays in North America with both dry and liquids-rich gas as well as a light oil fairway. ARC was an early entrant in the Montney, and pioneered the use of multi-stage fracturing for horizontal completions; a technology that has proved instrumental in unlocking the play. Arc is connected to three major pipelines providing access to North American Markets: TransCanada for Canada & US; and Alliance to Chicago. There are multiple pipelines planned to support the proposed West Coast LNG Project and ARC's primary properties are situated in the heart of the region to be serviced by the pipelines.

Seven Generations reserves were1.6B boe as at Dec-31-2020 comprised of condensate and liquids-rich natural gas from the Kakwa River Project located in the Montney region in Northern Alberta. Projection is comprised of 35% condensate, 25% natural gas liquids and 40% natural gas. Total shares outstanding at Dec-31-2020 were 331M, total debt was $2B compared to equity at $5.2B.

Arc Resources Ltd reserves at Dec-31-2020 were 929M boe comprised of 35% condensate, 20% natural gas liquids and 45% natural gas. Reserves are in the Montney area of northeastern Alberta and northwest BC and the Pembina area in central Alberta.

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