Loving the debenturesPaying 14-16% interest at today's $40ish deb price. With 150% capital appreciation in the next couple years (as long as they make it....)
Had a nerve-racking experience with oil & gas debentures before (Twin Butte - went through receivership; ended up bad news for shareholders as expected, but surprisingly even bankruptcy ended up being a win for debenture holders that bought at sub-50's; with total receiver distributions in the 80's - for a company that went bankrupt!). Surge looks to be in better shape to weather the current storm, and even if they don't, doesn't mean the debentures won't get some/most their value back.
Fully loaded at these prices, but still have some cash waiting to see if they drop to bargain basement (TBE's got to low teens before receivership). Lows might be in though, Surge management seems more invested/creative than the TBE management.
I get why people might be into the shares instead (if you're seeing better than 150% stock upside - as an Albertan sure hope you're right!); but not sure why people selling debentures at this price? (but thank you to those that sold me some!)