BASIC RULE: NCIB Is DETERMINED By MONEY & NOT TIMIMG- it is JUST AMAZING to READ that SOME BTE OBSERVERS {HOPEFULLY SHAREHOLDERS} DO NOT UNDERSTAND the MECHANICS of Baytex Energy BUYING BACK their PUBLIC FLOAT common shares
- the FREE CASH MONEY has TO BE IN THE DOOR to ACQUIRE BTE SHARES in the PUBLIC MARKETS
- the 7.375% 2032 Notes EXCESS FUNDING will NOT be USED in NCIB TRANSACTIONS but MOSTLY to DRAW DOWN the USD CREDIT FACILITIES and I believe SOME , about USD 30 million; will be ADDED to the USD CASH BALANCE to INCREASE WORKING CAPITAL {mainly FINANCING the account receivables with HIGHER WTI-LIKE prices for the light sweet shale cride oil}
- so the NCIB will OCCUR when BTE is GENERATING FREE BULK CASH FLOW and this will HAPPEN in the Q2 and Q4 QUARTERS of the year
z173