RE: downturnBig reason for being punished harder than their peers, more failed promises than their peers. They drilled 4 uneconomic Nordegg wells in a row, the only positive was they were not 100% in the drills. When you spend 20-25 million dollars and have nothing to show for it you get punished. Also, they hyped their first Nordegg well a lot thus investors expected more. They also likely booked a lot of reserves to the Nordegg; i think that was a lot of the writedowns that occurred at the end of the year.
They are now onto a new play, the Willrich tight siltstone. They have good results and so do their peers (Daylight, Peyto, etc.). They have not went crazy booking reserves, maybe they learnt someting. Their exit is 17 500 boed; assuming this rate is met, with some healthy reserve additions, they should or could finally be forgiven.
They also likely need cash soon. Wilrich multistage fracs are expensive wells. I think they would have to be north of $6 before they could do a raise. This may prompt an early FEL exit.