Announcement • Feb 22
Razor Energy's Securities to be Delisted from NEX for Failure to Maintain Exchange Requirements, Effective February 24, 2025 Effective at the close of business on February 24, 2025, securities of Razor Energy Corp. (the ‘Company’) will be delisted from NEX, for failure to maintain Exchange Requirements. Prior to delisting, the shares of the Company were subject to suspension from trading. Board Change • Jul 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Sean Phelan was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 27
Razor Energy Corp. Ceases Processing Razor’s Swan Hills Natural Gas Production Razor Energy Corp. announced that, as a result of financial disputes with the operator of the Judy Creek Gas Plant, the operator has restricted access and has ceased processing Razor’s Swan Hills natural gas production. Effective December 24th, 2023, a significant portion of Razor’s production has been shut-in indefinitely. At this time management estimates approximately 1,110 boepd, including 626 bblpd of light oil and 387 bblpd of natural gas liquids, has been curtailed. Razor continues to look at various commercial and legal options to remedy this situation and restore production. Razor anticipates that it will make further public comment when it determines that additional disclosure is required by law or is otherwise deemed appropriate. Reported Earnings • Nov 24
Third quarter 2023 earnings released: CA$0.12 loss per share (vs CA$0.35 loss in 3Q 2022) Third quarter 2023 results: CA$0.12 loss per share (improved from CA$0.35 loss in 3Q 2022). Revenue: CA$20.4m (down 28% from 3Q 2022). Net loss: CA$4.36m (loss narrowed 50% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Nov 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.6m (US$9.84m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (83% accrual ratio). Market cap is less than US$10m (CA$13.6m market cap, or US$9.84m). Minor Risks High level of debt (390% net debt to equity). Shareholders have been diluted in the past year (40% increase in shares outstanding). Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Sean Phelan was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 06
Razor Energy Corp., Annual General Meeting, Dec 14, 2023 Razor Energy Corp., Annual General Meeting, Dec 14, 2023. New Risk • Sep 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 390% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (83% accrual ratio). Minor Risks High level of debt (390% net debt to equity). Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (CA$22.6m market cap, or US$16.6m). Announcement • May 18
Razor Energy Corp. Provides Alberta Wildfire Update and Production Impact Razor Energy Corp. advised that, as a result of recent developments in the status of the Alberta wildfires, it has shut-in its operated and non-operated production in Kaybob and Swan Hills. The production impact is approximately 2,500 boe/d between the two areas. At this time it is unknown when this production will resume. Razor is not aware of any significant damage to the Company’s assets. Buying Opportunity • May 02
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be CA$1.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company became loss making. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to CA$1.15, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 4x in the Oil and Gas industry in Canada. Total returns to shareholders of 1,180% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CA$1.05, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 4x in the Oil and Gas industry in Canada. Total returns to shareholders of 1,069% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CA$1.27, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 5x in the Oil and Gas industry in Canada. Total returns to shareholders of 183% over the past three years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 19% share price gain to CA$1.35, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 5x in the Oil and Gas industry in Canada. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CA$1.42, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 5x in the Oil and Gas industry in Canada. Total returns to shareholders of 49% over the past three years. Reported Earnings • Nov 26
Third quarter 2022 earnings released: CA$0.35 loss per share (vs CA$0.46 profit in 3Q 2021) Third quarter 2022 results: CA$0.35 loss per share (down from CA$0.46 profit in 3Q 2021). Revenue: CA$28.4m (up 62% from 3Q 2021). Net loss: CA$8.79m (down 191% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 17
Founder & Director recently sold CA$225k worth of stock On the 8th of November, Frank Muller sold around 112k shares on-market at roughly CA$2.01 per share. This transaction amounted to 5.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Frank has been a net seller over the last 12 months, reducing personal holdings by CA$424k. Recent Insider Transactions • Nov 11
Founder & Director recently sold CA$137k worth of stock On the 2nd of November, Frank Muller sold around 74k shares on-market at roughly CA$1.86 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Frank has been a net seller over the last 12 months, reducing personal holdings by CA$199k. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 20% share price gain to CA$2.10, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 6x in the Oil and Gas industry in Canada. Total returns to shareholders of 106% over the past three years. Reported Earnings • Aug 26
Second quarter 2022 earnings released: CA$0.09 loss per share (vs CA$0.26 loss in 2Q 2021) Second quarter 2022 results: CA$0.09 loss per share (up from CA$0.26 loss in 2Q 2021). Revenue: CA$32.4m (up 116% from 2Q 2021). Net loss: CA$2.28m (loss narrowed 59% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 19% share price gain to CA$2.28, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 6x in the Oil and Gas industry in Canada. Total returns to shareholders of 51% over the past three years. Announcement • Jul 16
Razor Energy Corp., Annual General Meeting, Sep 22, 2022 Razor Energy Corp., Annual General Meeting, Sep 22, 2022. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 21% share price decline to CA$2.04, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 7x in the Oil and Gas industry in Canada. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 21% share price gain to CA$3.40, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 10x in the Oil and Gas industry in Canada. Total returns to shareholders of 104% over the past three years. Reported Earnings • May 27
First quarter 2022 earnings released: CA$0.03 loss per share (vs CA$0.27 loss in 1Q 2021) First quarter 2022 results: CA$0.03 loss per share (up from CA$0.27 loss in 1Q 2021). Revenue: CA$27.3m (up 97% from 1Q 2021). Net loss: CA$776.0k (loss narrowed 86% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • May 27
Razor Energy Corp. Announces Executive Changes Razor Energy Corp. has appointed Michael Blair to the position of Chief Operating Officer (“COO”). Mr. Blair is a Professional Engineer with over 20 years’ experience in the oil and gas upstream industry. With a particular focus on production and operations, Mr. Blair has worked within organizations such as Baker Hughes, Penn West, Legacy Oil + Gas, Ventura Resources, and Sproule. Mr. Blair has direct operational experience with Razor’s Swan Hills assets. The Company also announces that Frank Muller has retired from the COO and Senior Vice President roles due to health reasons. Mr. Muller is a founder and Director of Razor, and a steadfast partner in company's success. Mr. Muller will continue in the capacity as a Director of Razor. Recent Insider Transactions Derivative • May 15
President exercised options to buy CA$119k worth of stock. On the 11th of May, Douglas Bailey exercised options to buy 49k shares at a strike price of around CA$2.55, costing a total of CA$125k. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. Since December 2021, Douglas has owned 1.48m shares directly. Company insiders have collectively bought CA$93k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • May 12
Razor Energy Corp. has completed a Follow-on Equity Offering in the amount of CAD 4.999999 million. Razor Energy Corp. has completed a Follow-on Equity Offering in the amount of CAD 4.999999 million.
Security Name: Flow-Through Shares
Security Type: Common Stock
Securities Offered: 1,960,784
Price\Range: CAD 2.55
Security Features: Flow-Through
Transaction Features: Rights Offering Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to CA$2.31, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 8x in the Oil and Gas industry in Canada. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 25% share price gain to CA$3.19, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 10x in the Oil and Gas industry in Canada. Total returns to shareholders of 36% over the past three years. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: CA$0.82 (vs CA$2.19 loss in FY 2020) Full year 2021 results: EPS: CA$0.82 (up from CA$2.19 loss in FY 2020). Revenue: CA$68.4m (up 41% from FY 2020). Net income: CA$17.7m (up CA$63.9m from FY 2020). Profit margin: 26% (up from net loss in FY 2020). Oil reserves Proven reserves: 10.146 MMbbls Gas reserves and sales price Proven reserves: 6.721 Bcf Average sales price/mcf: US$3.43 LNG reserves and sales price Proven reserves: 2.405 MMbbls Average sales price/bbl: US$31.18 Combined production and costs Oil equivalent production: 1.286 MMboe (1.381 MMboe in FY 2020) Average production cost/Boe: US$43.65 (US$27.77/Boe in FY 2020) Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Recent Insider Transactions • Mar 24
Insider recently sold CA$68k worth of stock On the 17th of March, Stephen Sych sold around 23k shares on-market at roughly CA$2.94 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$201k more than they bought in the last 12 months. Recent Insider Transactions • Mar 22
Insider recently sold CA$68k worth of stock On the 17th of March, Stephen Sych sold around 23k shares on-market at roughly CA$2.94 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$201k more than they bought in the last 12 months. Recent Insider Transactions • Mar 18
Insider recently sold CA$67k worth of stock On the 14th of March, Stephen Sych sold around 24k shares on-market at roughly CA$2.83 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$138k more than they bought in the last 12 months. Announcement • Mar 02
Razor Energy Corp. Announces 2021 Year-End Reserves and Operational Outlook Razor Energy Corp. provide a summary of its 2021 year-end reserves evaluation and an updated operational outlook. The highlights and reserves summary Razor’s gross reserves at December 31, 2021, as evaluated by Sproule Associates Limited (“Sproule”), qualified reserves evaluators, in an independent report dated February 17, 2022 (the “Sproule Report”). Razor experienced significant year-over-year reserves volume and value growth. The increases are primarily attributable to the acquisition of additional working interest in the Company’s existing non-operated position in Swan Hills Unit No. 1 announced August 12, 2021. This acquisition augmented holdings in the greater Swan Hills area which exhibit low decline, light oil production. Other primary factors which positively affected reserve volume and values included the reinvigoration of operated and non-operated well and pipeline reactivations and improving West Texas Intermediate (“WTI”) oil price throughout 2021. Razor’s Proved Developed reserve base, defined as Proved Developed Producing (“PDP”) plus Proved Developed Non-Producing (“PDNP”), has before tax NPV10 of $157.1 million from a volume of 14,472MBoe and is comprised of 67% light 410 API oil, 6% medium 250 API oil, 20% natural gas liquids and 7% natural gas. On a cumulative basis, this equates to 93% oil and liquids. Future DevelopmentCapital of $10.0 million is required to reactivate the PDNP, or “behind-pipe” production and reserves, in existing wells and convert them to PDP reserves. Razor’s corporate annual base decline remains at 11%. The Company’s Reserve Life Index1 is 6.2 years for PDP, 12.2 years for Total Proved and 13.4 years for Total Proved plus Probable reserves based on 2021 Fourth Quarter field-reported production of 4,307 boepd. The Greater Swan Hills Area accounts for 68% of Razor’s PDP reserves with the greater Kaybob and South District areas at 21% and 11% respectively. Sproule carried out an independent reserves evaluation effective December 31, 2021, which was prepared in accordance with definitions, standards and procedures contained in the COGEH and in NI 51-101. The reserves evaluation was based on Sproule forecast pricing and foreign exchange rates at December 31, 2021. The future development costs are estimates of capital expenditures required in the future for Razor to convert proved developed and undeveloped non-producing plus probable reserves to PDP reserves. The undiscounted future development costs are $47.4 million for proved reserves and $63.9 million for proved plus probable reserves, in each case based on forecast prices and costs. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: CA$0.46 (up from CA$0.087 loss in 3Q 2020). Revenue: CA$17.8m (up 17% from 3Q 2020). Net income: CA$9.67m (up CA$11.5m from 3Q 2020). Profit margin: 54% (up from net loss in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 34% per year whereas the company’s share price has fallen by 38% per year. Announcement • Nov 27
Razor Energy Corp. Provides Production Guidance for the Full Year 2021 Razor Energy Corp. provided production guidance for the full year 2021. For the year, the company expects to exit 2021 with production at 5,000 boe/d or higher. Reported Earnings • Aug 28
Second quarter 2021 earnings released: CA$0.26 loss per share (vs CA$0.19 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: CA$14.5m (up 121% from 2Q 2020). Net loss: CA$5.54m (loss widened 36% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 45% per year, which means it has not declined as severely as earnings. Announcement • Aug 13
Razor Energy Corp. (TSXV:RZE) completed the acquisition of certain non-operated working interest assets in Swan Hills. Razor Energy Corp. (TSXV:RZE) entered into a definitive agreement to acquire certain non-operated working interest assets in Swan Hills for CAD 5 million on August 4, 2021. Total purchase price of CAD 5 million cash is subject to certain closing adjustments. The Acquisition will be funded by Arena Investors, LP by way of an amended term loan agreement in the total principal amount of $18,158,182 (CAD 22,800,502.81012). Closing is anticipated to occur in due course within August 2021.
Razor Energy Corp. (TSXV:RZE) completed the acquisition of certain non-operated working interest assets in Swan Hills on August 12, 2021. Announcement • Aug 05
Razor Energy Corp. (TSXV:RZE) entered into a definitive agreement to acquire certain non-operated working interest assets in Swan Hills for CAD 5 million. Razor Energy Corp. (TSXV:RZE) entered into a definitive agreement to acquire certain non-operated working interest assets in Swan Hills for CAD 5 million on August 4, 2021. Total purchase price of CAD 5 million cash is subject to certain closing adjustments. The Acquisition will be funded by Arena Investors, LP by way of an amended term loan agreement in the total principal amount of $18,158,182 (CAD 22,800,502.81012). Closing is anticipated to occur in due course within August 2021. Reported Earnings • May 29
First quarter 2021 earnings released: CA$0.27 loss per share (vs CA$1.63 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: CA$14.5m (up 3.5% from 1Q 2020). Net loss: CA$5.64m (loss narrowed 84% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Announcement • May 05
FutEra Power Corp., A Subsidiary of Razor Energy Corp. Announces It Is Entering the Project Execution Stage of Its Co-Produced Geothermal Power Project in Swan Hills, Alberta FutEra Power Corp. (FutEra), a subsidiary of Razor Energy Corp. (Razor or the Company) announced it is entering the project execution stage of its co-produced Geothermal Power Project in Swan Hills, Alberta (the Project). This Project begins with field construction activities, with financial and in-kind support from Razor (Stage Gate 1). FutEra has partnered with company's provincial and federal governments to invigorate the emerging geothermal industry. Provincially, Alberta Innovates (AI) and Emissions Reduction Alberta (ERA), and federally, Natural Resources Canada (NRCan), have provided grants to complete funding. With an estimated cost to complete of $20 million, Stage Gate 1 will produce up to 3 MW of green geothermal electricity. The planned second phase of the Project (Stage Gate 2), adding a natural gas turbine and optimizing the geothermal power efficiency, is estimated to cost an additional $10 million. With both Stage Gate 1 and 2 of the Project complete, the total nameplate electricity output will be 21 MW. Reported Earnings • Apr 17
Full year 2020 earnings released: CA$2.19 loss per share (vs CA$1.75 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$52.1m (down 39% from FY 2019). Net loss: CA$46.2m (loss widened 56% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 29
Third quarter 2020 earnings released: CA$0.087 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: CA$15.2m (down 16% from 3Q 2019). Net loss: CA$1.84m (loss narrowed 70% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 97% per year but the company’s share price has only fallen by 49% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 28
New 90-day high: CA$0.24 The company is up 45% from its price of CA$0.17 on 28 August 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 2.0% over the same period. Announcement • Oct 16
Razor Energy Corp. Announces Executive Changes Razor Energy Corp. announced the appointment of Mr. Sean Phelan to its Board of Directors, effective October 15, 2020. Mr. Phelan is an independent businessman with over 30 years of finance experience in the oilfield services industry. He was co-founder and Vice President, Finance and Administration for Matrix Drilling Fluids Ltd. from 2004 to 2020 where he was responsible for all accounting, finance, corporate governance, banking, insurance, IT and HSE related functions. The Company also announced the resignation of Mr. Vick Saxon from the Company's Board of Directors. 
