Twin Butte Energy Ltd TBTEF

RE:Receivership

[akragas]

If memory serves right , TBE past credit has been stellar. In fact, from 110 million , they paid it down to 85 million. In a healthy oil economy, TBE would have continued to paid down the debt, continue drill more wells and , instead of exiting at 10000 bod, they eould have continued with their present output of 16000 bod if not increase the out put. Let us remember that banks are also mindful that many of the oil patch companies are in a similar situation. Banks will also consider that at present oil prices, this company is profitable. They will also look at the management team and the cuts they have nade to tighten costs and alleviate losses. I'm of the opinion, given the above reasons, that a deal has been reached that their debt had been restructured and the company will continue to operate. I also believe, given this volatile market, that management is aware of the importance of cost management and will continue to be stringent in their decision making. GLTA