The TSX big-board listing will provide much more exposure and attract institutionals who are restricted from owning venture listings. 


But the structure and fundamentals of Pro-Forma Renegade will take it back above $3 and beyond. Once the metrics are in place and the 2013 hedgebook is solid, remember that if they get it above 90WTI there will be ~$28M of free cash flow to either drill more locations if prices are better, or take down debt if prices stay stuck.


Either way, unless light oil prices collapse under $60, RPL is going higher in Q1. Book it.