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The violent sell-off in energy markets has paused and the sector is now going about the macabre task of counting the corporate casualties. Companies like Ivanhoe Energy Inc. and Niko Resources Ltd. have announced searches for the dreaded "strategic alternatives" – asset sales or debt restructuring – to stay afloat in the new price environment.

This week, we comb through debt levels in the energy sector with a positive spin – identifying companies with the best chance of weathering the low-energy-price storm in addition to those likely to have the largest struggles generating enough profits to maintain heavy debt loads.

The chart below shows the 10 strongest and 10 weakest companies in the S&P/TSX Energy index, in terms of net debt divided by estimated earnings before interest taxes depreciation and amortization (EBITDA), for the current fiscal year.

I chose Net Debt to EBITDA to gauge the balance between how much debt companies are carrying, relative to how easily expected profits will cover operational expenses and interest payments.

There are a number of options available to those companies with weak ratios, so it's not a sign of certain corporate death. The screen is a first step to identify potential problems for investors. A similar observation holds true for companies with strong net debt to EBITDA ratios – this measure alone does not signal success. In-depth fundamental research should be included as part of any buy or sell decision.

On the positive side, there are a number of smaller companies with low debt and expected earnings growth that warrant further study. Gran Tierra Energy Inc., Pason Systems Inc., Kelt Exploration Ltd., Transglobe Energy Corp and Canyon Services Group Inc. are the top five companies on our list.

It should be noted that Pason Systems and Canyon Services will be hit hard by an expected reduction in drilling activity next year. Gran Tierra looks attractively valued at first glance but Kelt Exploration is trading at more than 100 times trailing earnings.

The right hand side of the chart identifies companies where debt may be difficult to manage with expected profitability. Athabasca Oil Corp.'s net debt to EBITDA ratio of 110 times didn't even fit properly on the chart. Far behind – yet still problematic – are the measures for Lightstream Resources Ltd., Veresen Inc., Paramount Resources Ltd., MEG Energy Corp., and Advantage Oil and Gas Ltd.

Again, there could be company-specific reasons why the debt/profit ratio for these stocks is nothing to worry about. But investors who own them, or are considering owning them, should confirm that is the case. I certainly would not recommend shorting any of these stocks without a ton of homework – a takeout from a white knight suitor at a big premium to current prices would result in big losses.

The chart data is a good start, but not conclusive. There's no doubt, on the other hand, that debt in the energy sector will be a very big deal in 2015. Investors need to assure that no matter what they own in the oil patch, the company can carry its debt burden.

Follow Scott Barlow on Twitter @SBarlow_ROB.

Editor's note: This article and accompanying graphic have been corrected. Incorrect data was published Friday, based on quarterly numbers, rather than estimated fiscal year estimates.