Thanks Scottie: I have a vested interest in seeing both shareholders and debenture holders obtain more value.  While it isn't possible to obtain more value at this moment, a rising price forecast would give more value.

Iran is buzzing US warships in the Persian Gulf.  Venezuelans are quitting their jobs to go pan for gold.  Saudi Arabia contractors are not paying their foreign construction workers.  These are all signs of unsustainably low oil prices.

I am curious what was proposed in the dealings:

"A proposal to convert debentureholders into equity shares was provided by Mr. Bockhold and Mr. Edmonstone to Reignwood's advisers, and they have informed Twin Butte that they will not entertain such proposal. In fact, Reignwood is firm that there will be no changes to its current offer."

Why would Reignwood want to pay more?  The only problem now is no company in Canada can take on more debt, without some diluting capital injection.  So of course any company will just offer as low a bit as possible.

Let's keep this moving along, and out of receivership.  National Bank knows their track record is poor, in their receivership forays. They'd rather get a few percent interest, especially if oil prices are continuing to slowly trend upwards. 

But to guarantee some stability, some sort of capital injection is required, to get some new wells on production.  There have to be a few drilling locations, as they do have some on the books.

Let's not forget gas prices, either.  We could be in for a colder winter, and storage may not be growing as fast as thought, as the US drilling is way down.  Higher natural gas prices would help TBE.  Q2 was a disaster for gas prices, but we could see some improvement.  Q3 is definitely higher than Q2.

Let's see what happens in the next few days."