Twin Butte Energy Ltd TBTEF

RE:Stockwatch Business Reporter

[Rocky7777]

qwqw wrote: "Interestingly, in his discussion of bankers forcing companies to sell assets, Mr. Colborne dwelled on Twin Butte Energy Ltd. (TBE), unchanged at 6.5 cents on 2.66 million shares. He called it an example of "companies that didn't act [and] are now being re-evaluated by their bank and they're being told to sell." Then he reminded the audience of Twin Butte's announcement on Jan. 15 that its bank line was reduced to $225-million from $275-million and that an $85-million part of the revised line is due at the end of April. Why he said all this is not particularly clear -- Surge seems unlikely to be interested in buying Twin Butte's assets, as they are in different areas of Alberta and Saskatchewan and have a different composition (medium and heavy oil instead of light oil) -- but perhaps Mr. Colborne has an interest in Twin Butte because he was a director there until early 2010. Twin Butte was also one of the first oil and gas juniors to introduce a dividend, and Mr 206948. Colborne is a self-described big fan of the dividend model (introducing a dividend was one of the first things he did when he took charge of Surge in mid-2013). The oil price crash and a heavy debt load ultimately forced Twin Butte to suspend its dividend and put itself up for sale last month. Its announcement this month about the bank facility was yet another blow, though not a completely unexpected one; Twin Butte had warned in December that its bankers were going to reduce the facility. Now the company is on the hunt for someone who will give it money. A document on the website of Peters & Co. (one of the company's financial advisers) talks up Twin Butte's 16,300-barrel-a-day assets, "material growth potential" and significant tax pools of $644-million. Twin Butte has said it will provide an update on the sales process before the end of this quarter. "

Thanks for sharing, but what is up with Mr 206948?