Calgary-based gas-weighted (~60-65% natural gas) pure-play E&P run by David Wilson's team, focused on liquids-rich Montney and Charlie Lake resource plays across NW Alberta and NE British Columbia; management's track record includes founding and selling Celtic Exploration to ExxonMobil for ~C$3.1bn in 2013.
FY2025 delivered ~41,000 boe/d, C$467m revenue, ~C$237m EBITDA and C$63m net income; the company is in a heavy reinvestment phase (capex exceeding cash flow, so free cash flow is negative) funding a multi-year growth plan toward ~60,000+ boe/d, underpinned by a deep Montney drilling inventory, owned processing infrastructure and modest net debt.
Its EV/EBITDA of 7.0x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -3.6% is lower than the 6.5% median, and at $5.28/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Kelt Exploration Ltd. scores 49/100, strongest on growth (77/100). Sub-scores: value 30, quality 42, growth 77, risk 27 (higher = riskier).
Kelt Exploration Ltd. holds approximately 0.27 billion boe of proved (1P) reserves with FY2025 production of about 40 thousand boe/d (37% liquids), a reserve life of roughly 18.0 years. Break-even: ~$45 (corporate FCF breakeven) — Sustaining/operating breakeven is low (~US$35-40/bbl WTI-equivalent given liquids uplift and owned infrastructure), but the current heavy Montney growth capex program lifts the fully-loaded corporate FCF breakeven to ~US$45+ WTI-equivalent, leaving reported free cash flow negative during the build-out.
For Kelt Exploration Ltd., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 100% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
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Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Wembley/Pipestone | Canada | Montney (liquids-rich gas) | Core Alberta Montney; condensate-rich, primary growth engine |
| Pouce Coupe | Canada | Montney / Charlie Lake | Alberta Montney plus Charlie Lake oil; key infrastructure/processing hub |
| Oak/Flatrock | Canada | Montney (gas/condensate) | NE British Columbia Montney growth area |
| Charlie Lake (Progress/Pouce Coupe) | Canada | Charlie Lake light oil | Light-oil play adding liquids weighting and netback |
| Montney land base | Canada | Montney inventory | Large multi-year, low-decline drilling inventory across AB/BC |
| Owned facilities & gas plants | Canada | Midstream/processing | Company-owned processing at Pouce Coupe/Wembley supports margins and control |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 22 | 29 | 31 | 34 | 40 |
| Proved reserves (bnboe) | 0.11 | 0.13 | 0.15 | 0.17 | 0.27 |
| Revenue ($bn) | 0.2 | 0.4 | 0.3 | 0.3 | 0.4 |
| EBITDA ($bn) | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 |
| Net income ($bn) | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 |
| Free cash flow ($bn) | -0.0 | 0.0 | 0.0 | -0.1 | -0.1 |
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✓ FY2025 figures verified against primary sources: