Peyto Exploration & Development Corp. · TSX:PEY
Peyto Exploration & Development — Peyto Energy Trust — Investor Presentation (June 2003)
66 slides from Peyto Exploration & Development's investor presentation, June 2003
Slide 1: Peyto Energy Trust
PEYTO Energy Trust Exploration & Development Corp. Bill PEYTO June 2003
Slide 2: Corporate Profile
Corporate Profile • Established - November 1998 • Market - PEY, Toronto Stock Exchange • Expertise - Exploration & Development of Long-life Gas Reserves • Core Area of Operations - Sundance, Alberta (Twp 55, Rge 21W5) • Shares Outstanding - Basic 43,418,188 Diluted 47,033,521 (avg. price of options
Slide 3: The Team
The Team • Don Gray President & CEO, Director • Roberto Bosdachin Vice President, Exploration • Darren Gee Vice President, Engineering • Lyle Skaien Vice President, Operations • Rick Braund Landman, Chairman • Sandra Brick Vice President, Finance • Rob Shepherd Chief Geophysicist • Dave Drover Senio
Slide 4: Corporate Governance
Corporate Governance • “We will be candid in our reporting, emphasizing the pluses and minuses important in appraising business value. Our guideline is to tell you the business facts that we would want to know if our positions were reversed.” • “Our policies and communications will be designed to en
Slide 5: Strategic Intent
Strategic Intent ü Find, develop & produce natural gas in Alberta’s Central Deep Basin. ü Focus on projects that are predictable and repeatable with long term value & immediate cash-flow. ü Control destiny by having a high working interest in the production & infrastructure. ü Create and maintain a
Slide 6: Reasons for Reorganization
Peyto Energy Trust Reasons for Reorganization ü Creates a capital structure with the flexibility to allocate cash flow between oil and gas investments and distributions to unit holders in a more efficient manner ü Maintains the entrepreneurial environment that has led to the success achieved over th
Slide 7: Characteristics of the Trust
Peyto Energy Trust Characteristics of the Trust • Minimum of $0.15 per unit per month for second half of 2003 • starting July, 2003, majority of distribution will be interest & royalty income • Long Life Reserves • 16.5 years established, 10.5 years proven producing • Low Cost Structure • operating
Slide 8: A Trust That Can Grow Production & Distributions
Peyto Energy Trust A Trust That Can Grow Production & Distributions Unique Assets + Winning Track Record = Growth1 Unique Assets a rare combination of both low cost and long life gas and ngl‘s reserves Winning Track Record a team that has generated new drilling investments every year with low risk,
Slide 9: Compensation
Peyto Energy Trust Compensation Base G&A estimated to be a low $0.25/boe Unit Appreciation Rights estimated to be 7% of outstanding shares designed to mirror the option plan that was previously in place Bonus Rewards 3% of the yearly change in debt & equity adjusted Proven Producing Value discounted
Slide 10: What's Changed?
Peyto Energy Trust What’s Changed? ü We now have a more tax efficient capital structure ü Unit holders receive income distribution of $0.15 per unit per month ü The Trust sector now has a trust with the unique combination of long life reserves and low costs that can actually grow its distributions o
Slide 11: What's Stayed the Same?
Peyto Energy Trust What’s Stayed the Same? ü Same proven team in place to build future value ü Same low risk portfolio of drilling investment opportunities ü Same capital expenditure plans for 2003 ü Same ability to lead the E&P sector in growth ü Same alignment to shareholders ü Same approach to cr
Slide 12: Quarterly Track Record
Quarterly Track Record PEYTO’s Sundance Gas Plant Commences Production 2003 2002 2001 2000 Q1 Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Operations Production Oil & NGLs (bbl/d) 2,689 1,823 2,349 2,009 1,512 1,409 785 1,222 815 621 472 248 348 313 236 91 Natural gas (mcf/d) 57,452 42,254
Slide 13: Production (boe/d)
Production Quarterly 15,000 “Our team’s ability to generate and develop premium gas projects has delivered a Compound Annual Growth Rate (CAGR) over the past three years of 360% on an absolute basis and 280% on a per share basis.” Production (boe/d) 10,000 5,000 - Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 14: Revenue
Revenue Gas & NGL’s • Gas • Price Point AECO Hub • Wellhead price per mcf is equal to 1.17 (GJ/mcf) times the AECO price per GJ. • Natural Gas Liquids • Wellhead price for Peyto’s NGL’s is $6-$10 CDN/barrel less than the WTI price in CDN dollars. • 65% Condensate, 17% Butane,17% Propane,1% Ethane No
Slide 15: Operating Costs
Operating Costs 2002 $/boe • Field Expenses $ 4,680,000 $1.45 •50% Variable, 50% Fixed • TCPL Transportation $ 1,875,000 $ 0.58 •90% Firm, 10% Interruptible •$0.12/mcf • Processing Income $ (2,121,000) $ (0.66) • Operating Expense $ 4,434,000 $ 1.37 6/3/2003 15
Slide 16: Royalties
Royalties 2002 • Royalty Rate - 25.6% of Unhedged Revenue • Split • Crown - 96.4% • Overriding - 3.4% • Freehold - 0.2% 6/3/2003 16
Slide 17: Annual Source of CAPEX
Annual Source of CAPEX Debt, Equity & Cashflow $120 Equity “Over the past two years we have issued Equity only for the bonus and $100 option plan. We have essentially been able to fund our CAPEX with Debt and Cash-flow and over time we will be Debt $80 able to use even less Debt.” $60 $40 Cashflow $
Slide 18: Reserves: 2002 Year End Volume Summary
Reserves 2002 Year End Volume Summary Sales Gas NGL's Oil BOE's Category (BCF) (Mstb) (Mstb) (Mstb) Proved Producing 196 8,608 33 41,294 Proved Non-Producing 15 571 - 3,065 Total Proved Developed 211 9,179 33 44,359 Probable Additional 195 8,304 - 40,860 Proved + Probable 406 17,483 33 85,219 Proved
Slide 19: Reserves: 2002 Year End NPV Summary
Reserves 2002 Year End NPV Summary NPV (millions of CDN dollars) Variable Price Economics Constant Price Economics Category 0% 4% 8% 10% 0% 4% 8% 10% Proved Developed 1,101 746 574 517 1,222 857 668 604 Probable Additional 906 503 340 290 973 593 419 363 Proved + Probable 2,006 1,249 914 807 2,194 1
Slide 20: Reserves: 2002 Performance Ratios
Reserves 2002 Performance Ratios ESTIMATED Proven Developed Reserve Ratios 12 11.3 10 8 6.3 6 3.7 4 2 - Reserve Replacement Ratio Recylce Ratio @ $19.15/boe netback Reserve Life Index, Years (using 10,750 boed 6:1) BOE factor - 6 mcf = 1 bbl of oil equivalent 20 6/3/2003
Slide 21: Reserves 1999 - 2002
Reserves 1999 - 2002 Year Ended 1999 2000 2001 2002 Proven Producing (6:1 boes 000's) 493 8,034 22,306 41,294 Reserve Life Index (year end reserves/Q4 production annualized) 12.2 10.4 9.8 10.5E % of Total Proven Reserves 17% 69% 82% 93% Proven Developed (6:1 boes 000's) 2,963 11,635 27,133 44,359 Re
Slide 22: Long Life vs. Short Life Reserves
Reserves Long Life vs. Short Life “Peyto has been engineered around LONG LIFE RESERVES.” 1,200 Short Life – Water Drive Long Life Production • Typically deeper reservoirs, with large definable areas and no associated water 1,000 • Production profile is predictable and flattens over time • Large comp
Slide 23: General Area of Operations Map
General Area of Operations Map “From the start Peyto has W6 W5 W4 W3 explored exclusively in the Alberta’s Deep Basin. In Alberta 2001 Peyto was the only Junior in the top 10 most active drillers in the Deep Basin.” PEYTO’S Sundance Area T 55 R 21W5 Edmonton Calgary U.S. Canada Border 6/3/2003 23
Slide 24: Central Deep Basin Land Map
Central Deep Basin Land Map • Over 90,000 net acres (140 sections) • Average Interest 70% • 98% Operated “Over the past four years Sundance Peyto’s Deep Basin land holdings have grown faster than any other producer PEYTO Land (1 gross operating in the area.” section or 640 acres) 6/3/2003 24
Slide 25: Gas Plant & Gathering System
Gas Plant & Gathering System PEYTO 11-17-55-21W5 Gas Plant l 85 mmcf/d Compression, 100 mmcf/d Refrigeration l Constructed & Installed April 2000 l expanded four times over two years l 100% PEYTO Owned & Operated l Direct, Firm Access to NOVA l Third Party Processing Revenue 2003 Outlook PEYTO l Add
Slide 26: Cardium Gas
Cardium Gas Greater Edson Area Trend “70% of PEYTO’s Production is from Cardium Gas Wells. Since Cardium Gas day one we have been working üLow Risk Development Play towards increasing our ownership in the Cardium.” üLiquid Rich, High Heating Value Gas üPredictable Production Profile üLong Life Reser
Slide 27: Cardium Gas: Offset Well Performance
Cardium Gas Offset Well Performance “The Cardium Producers on before January 1, 1998, were all that existed before Peyto started developing the north end of the trend or Sundance.” 16-29 06-22 12-13 Cardium Producers on Before January 1, 1998 Cardium Producers on After January 1, 1998 6/3/2003 27
Slide 28: Cardium Producers on Production before 1991
Cardium Producers on Production before 1991 Minehead, Ansel, Galloway, Sundance Cardium Gas Trend Cardium Producers that have an on Production Date before October 1, 1991 Cumulative Gas First Year Actual Ultimate Produced Avg Gas Reserve Current Time On Exponential Remaining Ultimate Rec. Reserve To
Slide 29: Cardium Offset Well Performance
Cardium Gas Offset Well Performance “The average decline of these wells 10,000 over the past eleven years is 4.2%. It’s this low decline that gives the Cardium its long term value.” The Last Three Producers on the Calendar Daily Gas (mcf/d) Decline - 4.9%/year over 1,000 past 11 years Trend Before P
Slide 30: Peyto's Average Cardium Well Performance
Cardium Gas Peyto’s Average Cardium Well Performance 2,000 “This chart shows all of Peyto’s Cardium production. The wells have all • Average Year 1 Rate 790 mcf/d & 36 bbls/d been normalized to start at the same • NGL’s Yield 45 bbls/mmcf time. This can be considered a risked • Heating Value 1.16 GJ
Slide 31: What is the Corporate Decline?
What is the Corporate Decline ? 1. This is a chart of Peyto’s Gross Average Rate Per well over time. This should not be confused with the chart titled “Peyto’s Average Cardium Well Performance”. This is the sum of all those wells as they are added so any given month you have a combination wells at d
Slide 32: Gas Marketing
Gas Marketing Aeco Price Peyto Wellhead Price Daily Counter Volume Floor Ceiling Floor Ceiling Party Period Hedged Type (GJ) ($/GJ) ($/GJ) ($/mcf) ($/mcf) Coral April 1, 2003 to October 31, 2003 Costless Collar 8,000 $3.50 $6.85 $4.10 $8.01 Coral April 1, 2003 to October 31, 2003 Costless Collar 6,0
Slide 33: Outlook
Outlook 2003 • Capital Expenditures ($110 - $160 million) • Drill / Re-Enter New Gas Locations (50 - 70 wells) • Expand Gas Gathering & Processing Capacity • Expand Undeveloped Land Base • Expand 3-D & 2-D Seismic Database • Acquire Partner Working Interests • Distribute $0.15 per unit per month for
Slide 34: Industry Comparison Slides
Industry Comparison Slides “The Industry Comparison slides are presented to our shareholders and potential investors so that they can better understand the relative differences between PEYTO and other noteworthy producers in the industry. The comparisons are part of our effort at PEYTO to be transpa
Slide 35: Industry Comparison: Q1 2003 Results
Industry Comparison Q1 2003 Results Canadian Company Peyto Thunder Progress Compton Zargon Bonavista Natural Baytex Esprit Real Talisman Paramount Gauntlet Symbol PEYTO THY PGX CMT ZAR BNP CNQ BTE EEE RER TLM POU GAU Q1 2003 Cashflow as a % of Revenue 68% 61% 58% 52% 56% 60% 56% 51% 57% 51% 51% 48%
Slide 36: Industry Comparison: Weighted Rankings
Industry Comparison Q1 2003 Results – Weighted Rankings Canadian Company Peyto Thunder Progress Compton Zargon Bonavista Natural Baytex Esprit Real Talisman Paramount Gauntlet Symbol PEYTO THY PGX CMT ZAR BNP CNQ BTE EEE RER TLM POU GAU Q1 2003 Cashflow as a % of Revenue 1 4 6 8 6 5 7 9 6 9 8 10 9 Q
Slide 37: Cash Flow Efficiency
Industry Comparison Cash Flow Efficiency Q1 2003 Cash Flow as % of Revenue “The more efficient a company is at turning revenue into 80% cashflow the easier it is for the company to grow. A company on the treadmill would be defined as being relatively inefficient at generating cashflow coupled with a
Slide 38: Earnings Per Boe
Industry Comparison Earnings Per Boe Q1 2003 Earnings Per Boe (6:1) $18 $17 $16 $15 $14 $14 $13 $13 $12 $12 $11 $11 $10 $9 $10 $8 $7 $6 $4 $2 $0 $0 -$1 Y M R Q U E R T O P X U E TH CM ZA BT RE BN GA TL CN PG EE PO YT PE 6/3/2003 38
Slide 39: Operating Costs
Industry Comparison Operating Costs Q1 2003 Operating Costs per boe (6:1) $10 $9.09 $8 $7.38 $7.60 $7.62 $6.89 $6.66 $5.68 $6 $5.21 $5.42 $5.44 $5.61 $4.62 $4 $2 $1.01 $0 M Y R E Q U R T U O E P X TH BT ZA CM TL RE GA CN PO BN EE PG YT PE 6/3/2003 39
Slide 40: Total Costs
Industry Comparison Total Costs Q1 2003 Total Costs per boe (6:1) Operating + G&A + Interest $14 $13.07 $12 $10.49 $9.64 $10 $8.85 $8.93 $8.99 $9.25 $8.47 $7.71 $8.00 $7.49 $8 $6 $5.25 $4 $1.92 $2 $0 M Y E R Q T U R U O E P X TH BT CM ZA TL RE GA CN PO BN EE PG YT PE 6/3/2003 40
Slide 41: Return on Equity
Industry Comparison Return on Equity Q1 2003 Annualized Return on Equity 120% 104% 100% 80% 60% 54% 52% 43% 41% 36% 40% 35% 31% 29% 23% 16% 20% 0% 0% -2% Y M R E U R Q T O P X U E TH BT ZA CM RE BN GA TL PG CN EE PO YT PE 6/3/2003 41
Slide 42: Return on Capital Employed
Industry Comparison Return on Capital Employed Q1 2003 Annualized Return on Capital Employed 40% 38% 35% 35% 33% 30% 30% 26% 25% 25% 21% 21% 19% 20% 18% 15% 11% 10% 5% 4% 0% 0% Y M E R Q U R T O X U E P TH BT CM ZA RE GA TL CN PG BN EE PO YT PE 6/3/2003 42
Slide 43: Production Growth
Industry Comparison Production Growth Year over Year Production Growth Per Share (Q1 2003 vs Q1 2002) 80% 67% 64% 60% 40% 20% 14% 10% 3% 2% 2% 0% 0% -1% -3% M E Y R U U R Q T P O X E -11% TH BT CM ZA TL RE BN PO GA PG CN EE YT -20% -15% PE -40% -42% -60% 6/3/2003 43
Slide 44: Cash Flow Growth
Industry Comparison Cash Flow Growth Year over Year Cashflow Growth Per Share (Q1 2003 vs Q1 2002) 300% 251% 250% 205% 200% 156% 154% 150% 134% 131% 130% 114% 100% 53% 51% 40% 50% 34% -1% 0% M Y R U R E Q T P O U E X TH CM ZA BT TL RE BN GA CN EE PO PG -50% YT PE 6/3/2003 44
Slide 45: Proved Producing Reserves Growth
Industry Comparison Proved Producing Reserves Growth Proved Producing Reserves Growth Per Share (2002 vs 2001) 100% 80% 80% 60% 39% 40% 31% 28% 20% 14% 11% 8% 8% 7% 1% *NR* 0% M Y R E Q U U T R P O X E -20% -13% TH BT CM ZA TL BN GA RE CN PO PG EE YT PE -40% -60% -66% -80% *NR* – The company has cho
Slide 46: Change in Operating Costs over Two Year Period
Industry Comparison Change in Operating Costs over Two Year Period Change in Operating Costs Per boe (6:1) (Q1 2003 vs Q1 2001) 100% 92% 80% 71% 60% 37% 40% 29% 24% 24% 25% 20% 22% 16% 20% 13% 15% 0% M Y R Q U E R T U P X E O TH CM ZA BT TL RE BN GA CN PO PG EE YT -20% PE -27% -40% 6/3/2003 46
Slide 47: Change in Shares Outstanding over Two Year Period
Industry Comparison Change in Shares Outstanding over Two Year Period Change in Shares Outstanding (Q1 2003 vs Q1 2001) 120% 108% 100% 80% 60% 48% 40% 27% 24% 19% 20% 10% 14% 15% 6% 8% 4% 1% 0% -5% Y M E R U R Q T P U E O X TH BT CM ZA RE BN GA TL CN EE PO PG YT -20% PE 6/3/2003 47
Slide 48: Proven Producing Reserve Life Index
Industry Comparison Proven Producing Reserve Life Index Year End 2002 Proven Producing Reserve Life Index 10.5 “The reserve life is a key ingredient in assessing value. An asset with a reserve life index of 10 years would be worth 10 50% more than an asset with a reserve life index of 5 years. The a
Slide 49: Proven Producing Reserve FD&A Costs
Industry Comparison Proven Producing Reserve FD&A Costs 2002 Proven Producing Reserve Additions Finding,Development & Acquisition Costs $20 $15 $14 $15 $12 $12 $10 $11 $10 $8 $9 $8 $7 $5 $5 None Added *NR* $- M Y R U E Q T U R P O X E TH CM ZA BT TL BN GA RE PO PG CN EE YT PE *NR* – The company has
Slide 50: Ratio of Net Debt to Proved Producing NPV
Industry Comparison Ratio of Net Debt to Proved Producing NPV @10% Debt as a % of PP NPV @ 10% Year Ended 2002 200% 177% 150% 100% 65% 69% 50% 46% 50% 34% 37% 41% 19% 20% 23% 17% *NR* 0% M Y R T U R E Q U O X E P TH CM ZA BT TL RE GA PO PG BN CN EE YT PE *NR* – The company has chosen to not report t
Slide 51: Proved Producing Reserve Replacement Ratio
Industry Comparison 2002 Proved Producing Reserve Replacement Ratio 2002 Proved Producing Reserve Replacement Ratio 8 6.9 7 6 4.9 5 4 3.1 3 2.0 1.9 1.9 1.8 2 1.6 1.5 1.3 1.2 1 *NR* - (1) M Y R U E Q T R P U E O X TH -0.8 ZA CM BT TL BN GA RE CN EE PO PG YT PE (2) *NR* – The company has chosen to not
Slide 52: Proved Producing Recycle Ratio
Industry Comparison 2002 Proved Producing Recycle Ratio 2002 Proved Producing Recycle Ratio 5 4 3.8 3 2.0 2 1.8 1.8 1.4 1.3 1.3 1.2 1.2 1.0 1 0.6 *NR* - M Y R T U E Q U O R P X E -0.4 TH CM ZA BT TL BN GA RE PO PG CN EE YT PE (1) *NR* – The company has chosen to not report this level of disclosure t
Slide 53: Debt to Cash Flow Ratio
Industry Comparison Debt to Cash Flow Ratio Debt to Cash Flow Ratio Q1 2003 Annualized 6 5.0 5 4 3 2 1.4 1.3 1.3 1.0 1.1 1.1 0.9 1 0.6 0.8 0.5 0.3 0.3 - Y M E R Q T U R O X U E P TH BT CM ZA RE GA TL CN PG BN EE PO YT PE 6/3/2003 53
Slide 54: Change in Production, Shares & Debt over Two Year Period
Industry Comparison Change in Production, Shares & Debt over Two Year Period Two Year Change (Q1 2003 vs Q1 2001) Production per share, Shares Outstanding, Debt per flowing boe 400% 300% 200% 100% 0% E X T U Q M E R U P Y O R EE CM PG PO BT RE BN CN TH GA TL ZA YT PE -100% Change in Production per s
Slide 55: Peyto - A Successful Gas Company
PEYTO - A Successful Gas Company • Long Life Reserves & Long Term Value • Predictable & Repeatable Gas Business Model • Strong Production & Cash Flow Growth • Low Total Cost Structure & High Netbacks • High Return on Equity • Concentrated & Operated Infrastructure & Reserves • Future Driven By Proje
Slide 56: Notes – Table of Contents
Notes – Table of Contents • 2002 Year End Reserve Price Forecast & Performance Ratios • Major Share Placements • Stock Options • Share Distribution • Financing (2001-1997) • Employees • Directors 6/3/2003 56
Slide 57: 2002 Year End Reserves - Price Forecast
2002 Year End Reserves - Price Forecast Natural Gas Crude Oil NGL's WTI Edmonton AECO C Cushing Par Price 40 Propane Butane Year ($CDN/mmbtu) $US/bbl ($CDN/bbl) ($CDN/bbl) ($CDN/bbl) 2003 $5.60 $26.00 $38.96 $23.38 $25.32 2004 $5.20 $24.00 $35.86 $21.52 $23.31 2005 $4.88 $22.50 $33.53 $20.12 $21.80
Slide 58: Finding & Development Cost
Reserves Finding & Development Cost Proven Developed Finding & Development Costs ($/BOE 6:1) $7 $6 $5 $5 $5 $5 $5 $4 $3 $2 $2 $1 $- 1999 2000 2001 2002 3 Year Average BOE factor - 6 mcf = 1 bbl of oil equivalent 58 6/3/2003
Slide 59: Major Share Placements
Major Share Placements Issue Shares Price Proceeds Placement Year Type (000's) ($/share) (000's) Initial 1998 Private/Public 13,100 $ 0.16 $ 2,118 1999 Rights Offering 1999 Public 6,550 $ 0.32 $ 2,096 Paramount Assets 1999 Private 4,360 $ 0.55 $ 2,398 1999 Flow Through 1999 Private 500 $ 0.85 $ 425
Slide 60: Stock Options
Stock Options • Number of Stock Options Outstanding - 3,593,667 • Average Exercise Price - $3.83/share • % of Total Shares Outstanding - 8.3% 6/3/2003 60
Slide 61: Financing (2001-2002)
Financing (2001-2002) • 2001 • $50,000,000 Revolving Line of Credit from Bank • Moved from $25,000,000 Revolving Line of Credit with the National Bank of Canada to a $50,000,000 Revolving Line of Credit with the Royal Bank of Canada. • $60,000,000 Revolving Line of Credit from Bank • Increased from
Slide 62: Financing (2000)
Financing (2000) • $2,700,000 Convertible Debenture issued to Paramount Resources L td. • Bears interest at 3% per annum; Convertible at $0.60/share over five year term. Redeemable after July 1, 2000 if trading price above $0.84/share. Issued January 2000 • $7,958,000 Takeover of Largo Resources Inc
Slide 63: Financing (1999)
Financing (1999) • $267,000 Private Placement • Issued 1,485,000 shares at $0.18/share, January 1999 • $2,073,037 Shareholder Rights Offering • Issued 6,554,335 shares, November 1999 • $2,500,000 P&NG Purchase from Paramount Resources Ltd. • Originally Farmed in on two suspended Paramount wells and
Slide 64: Financing (1997-98)
Financing (1997-98) • $250,000 Private Placement to JCP Founders • Issued 2,500,000 shares at $0.10/share March 1997 • $250,000 JCP IPO • Issued 1,250,000 shares at $0.20/share December 1997 • $254,000 Private Placement • Acquired Producing Property in Saskatchewan with 1,694,000 shares at $0.15/sha
Slide 65: Employees
Employees Don T. Gray, President & CEO, Director (P.Eng.) Founder of PEYTO, Professional Engineer, 14 years of oil & gas reservoir, evaluation & exploitation engineering experience, B.Sc. Petroleum Engineering, Texas A&M University Roberto Bosdachin, Vice President, Exploration (P.Geol) Professional
Slide 66: Directors
Directors “We have four independent Board Don T. Gray, CEO & President,since 1998 members, one Board member who is a consulting Landman to Peyto Rick Braund, Chairman of the Board, Landman, since 1998 and one Board member that is part of the management team.” Mike Broadfoot, Private Investor, since
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