GREY:BNKPF - Post by User
Comment by
BrokerGon Apr 08, 2020 9:25am
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Post# 30889723
RE:RE:RE:2019 Annual Results
RE:RE:RE:2019 Annual ResultsWell I guess the bank is giving them some more time. See news below. Current debt to equity is 170%, so they will need it. That is the problem with small oil firms taking on debt. Too risky in times like these. They did hedge or we would be bankrupt by now.
| 9:11 AM EDT, 04/08/2020 (MT Newswires) -- BNK Petroleum (BKX.TO), an international oil and gas exploration and production company, said overnight Tuesday that its indirect wholly owned subsidiary BNK Petroleum (US) has received its bank borrowing base redetermination on its revolving line of credit from BOK Financial, which has lowered the borrowing base to $23.5 million. BNK has paid $3 million on its line of credit, reducing the outstanding amount to $23.5 million. It has also agreed to make future principal payments to further reduce the borrowing base to $21.0 million by November 2020. CEO Wolf Regener said: "At an assumed oil price range of $22/bbl to $35/bbl, we expect adjusted funds flow of between $5.7 million and $6.5 million in 2020 due to our strong hedge position and low decline rates on our existing production. The company's cash on hand, which totaled $3.1 million at December 31, 2019, and its 2020 adjusted funds flow, are expected to fund all of these principal payments to the bank. In addition, BNK has approximately 37% of its forecasted oil production hedged at $52.66/bbl for 2021." Shares on Tuesday surged 37.5% to $0.05 apiece in a 52-week range of $0.03 - 0.28. Price: 0.0550, Change: +0.0150, Percent Change: +37.50 |
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