Shocking Share PriceI agree with most of your points with the exception of your comments re the debt.
Baytex has a total credit capacity of 2.6 billion of which they have used approximately 1.9 as of the end of 2015. Their first major debt repayment of 737 million is due in 2021. So far so good. Senior debt ratios were estimated at 3.0 times as of the end of last year. Ratios are only permitted to run as high as 5.25 times to the end of 2017.
At this point they have over two billion in debt and a market cap of 400 million. It's not a given that they won't exceed these debt limits and trigger a debt obligation. Just my read. I hope they survive. I completely agree with the other poster, these companies are the life blood of the communities. The expanding company debt has got to be a concern to any prudent shareholder.