Twin Butte Energy Ltd TBTEF

Hilarious

[bshort92]

It really is. Imagine spending over $400 million in assumed debt and shares for a publically traded company and two privately held concerns only to lose 3700 boe/d production and close to $350 million in market cap amid $100 + WTI and differentials on WCS at about $21. But it gets funnier: capex is cut close to 50%, the only drilling activity now being conducted is on a small tuck in acquisition (Wildmere) with a management flip flop away from shallow $550 K verticals to $900 k three times as deep horizontals and a complete abdication of the 3 to 5% growth plan that was previously extolled. I think shareholders are rolling on the floor laughing. But management is well regarded and the dividend is sustainable. The market does not agree. Shares should have bottomed but they continue to  trade lower. If they trade higher everyone will be happy but right now chicken little rules the roost.