Steady Production Growth, Record Revenue Outlook, and Multiple Catalysts Ahead

Published: 3/28/2025

Author: FRC Analysts

Thumbnail of the report Steady Production Growth, Record Revenue Outlook, and Multiple Catalysts Ahead

*This report and research coverage is paid for and commissioned by Condor Energies Inc. - See the bottom of this report for other important disclosures rating, and risk definitions. All figures in C$ unless otherwise specified.

Sector: Energy | Industry: Oil & Gas E&P

Ticker Symbols:CDR.TO - TSX 🔹CNPRF - OTCQX 🔹

Rating and Key Data

Metrics	Value
Current Price	CAD $1.83
Fair Value	CAD $3.33
Risk	4
52 Week Range	CAD $1.36-2.72
Shares O/S (M)	67
Market Cap. (M)	CAD $123
Current Yield (%)	N/A
P/E (forward)	N/A
P/B	5.9

Already a subscriber?

Want to know the fair value of the stock?

Subscribe for free to get exclusive insights and data.

Report Highlights

⭐️ Condor Energies Inc. is an FRC Top Pick ⭐️

Q4 production was up 4% QoQ, and full-year production came in at 18.5 bcf, aligning with our forecast. 2024 revenue and gross profit were exactly in line with our estimates at $66.7M and $28.0M, respectively.
EBITDA missed by 12% due to higher-than-anticipated G&A expenses, while EPS fell significantly (-$0.07 vs. our forecast of $0.14) due to higher amortization expenses
Nearly all of the company’s production comes from a 20-year contract with the Government of Uzbekistan to operate eight gas fields in the country. CDR is utilizing proven Western technologies to enhance production and recovery rates.

Q1-2025 production was up 19% QoQ, primarily driven by new production from a previously unproductive well. The company has identified at least five additional wells with a similar profile tha

Rating and Key Data

Metrics	Value
Current Price	CAD $1.83
Fair Value	CAD $3.33
Risk	4
52 Week Range	CAD $1.36-2.72
Shares O/S (M)	67
Market Cap. (M)	CAD $123
Current Yield (%)	N/A
P/E (forward)	N/A
P/B	5.9