TABLE OF CONTENTS
2
Initiating Coverage
Taking Solace in Glimmers of Hope While Awaiting the Turn; Initiating Coverage on Three Intermediate E&Ps 3
1. Unlocking of Unconventional Resources 5
2. Alberta Royalty Incentive Program 6
3. Cost Deflation 7
Valuation 8
M&A Marketplace 11
Conclusion 13
Celtic Exploration Ltd.: Positioned for the Turn - Initiating with a BUY 14
Crew Energy Inc.: Initiating with HOLD - Strong Assets Muted by Balance Sheet 26
NuVista Energy Ltd.: Acquisition & Organic Growth Ahead - Initiating with a BUY 39