RE:Massive money to be made Agree with your comments....BTE debt is easily manageable though. Have a read....Banks will not walk away from BTE.....never.....Easy for BTE to make deals in this difficult environment....BTE has the properties and they are producing....Oil never stays down for extended periods....Minimal short term debt.....
$50-$60 oil not far away.....$10/share for BTE not far away, maybe even higher if the shorts get caught with their pants down.....Now if oil gets back to $70+, BTE headed back to $17-$20 or higher.....
Financial Liquidity
We have taken several steps to maintain strong levels of financial liquidity this year, including evaluating our level and timing of capital spending, negotiating cost savings with service providers and completing an equity financing. On April 2, 2015, we issued 36,455,000 common shares at a price of $17.35 per share for net proceeds of approximately $606 million, which were used to reduce bank indebtedness. Total monetary debt at June 30, 2015 was $1.82 billion, comprised of a bank loan of $192 million, long-term debt of $1.49 billion, and a working capital deficiency of $137 million. The decrease in total monetary debt at June 30, 2015, as compared to March 31, 2015, was primarily due to the application of the net proceeds from the equity financing to the bank loan. We have unsecured revolving credit facilities consisting of a $1.0 billion Canadian facility and a US$200 million U.S. facility. During the second quarter, we extended the maturity date of these facilities to June 2019 (from June 2018 previously). These facilities do not require any mandatory principal payments prior to maturity and can be further extended beyond June 2019 with the consent of the lenders. As at June 30, 2015, we had approximately $1.05 billion in undrawn capacity on these facilities. Amendments made to the financial covenants contained in our unsecured revolving credit facilities in February 2015 provide us with increased financial flexibility. As at June 30, 2015, our Senior Debt (1) to Bank EBITDA (2) ratio (twelve months trailing) is 1.72:1.00. Our revised financial covenants allow this ratio to reach a maximum of 4.75:1.00 through June 2016 and 4.50:1.00 through December 2016. (