$15 Billion - Value Impact of Royalty Review To Date

I got the data for this spreadsheet http://spreadsheets.google.com/pub?key=prBj51eqCnFCA3WiLwzrvYg from James Buchanan at Blackmont Capital, 403 260-5763. Pedro van Meurs gets free advertising at WTF Journal so why not my friends, too?

It includes all oil and gas production and service companies on the Canadian exchanges. I removed companies that were only international, BC or Saskatchewan. Might have missed a few; but it should be close.

Note that many companies I've included have a good portion of their assets outside of Alberta. For example Encana has about 50% of its production in Alberta. The 50% of production outside Alberta serves to anchor the share price.

The resulting dataset is 163 companies, and represents 15 BILLION DOLLARS in reduction of market capitalization. On a per company basis, the median and average value is down over 4%.

Virtually all the companies listed have their head offices in Alberta.