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Globe editors have posted this research report with permission of Dundee Capital Markets. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

This report includes our annual summary of key reserve metrics and performance measures over 2015, highlighting the relative performance of the companies in our coverage universe and select non-covered peers.

We continue to favour the lower cost, efficient operators in our coverage universe and those with balance sheets capable of capitalizing on accretive M&A or accelerating production growth once prices normalize. In 2015 the low cash-cost leaders included AAV, BIR, PEY, PNE, PPY, TOU in the gas-weighted space and BNE, RRX, TVE, WCP amongst the oil-weights. With respect to profit margins we've taken net operating income net of PDP F,D&A costs over revenue per barrel (hedged and unhedged) and found the leaders to be ARX, PEY, RMP, RRX and VET.

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