Twin Butte Energy Ltd TBTEF

RE:RE:RE:Reignwood offer

[OOU812]

I personally thought reign would sweeten the offer.Had they given the Debs another $9 million,who knows.What ticked me off the most about the offer was that shareholders were getting twice as much as us.
At the time I thought the offer was around $240 mil,later I found out from Mac that wasn't the case.
The offer was only $220 mil.Hard to believe $220 mil was all they were willing to pay????????
You can imagine how much effort it took to get the banks to chop $20 mil off the top.
The banks were obviously trying to avoid bankruptcy as much as possible.
One Chinese outfit that was only willing to offer $220 mil,that's all Peters could accomplish ????
Cardboard1 phoned a number of O&G companies to pump twin,no one was willing to bid more than $200 mil.The banks didn't want receivership any more than the rest of us.They were expecting a serious haircut as a result.
I thought the odds of debs getting anything in receivership were quite slim.

I hoped that Sino would make us an offer,but knowing  how much they paid for Long Run, I thought they were done.
$780 mil for 27,000 boepd (25% oil),NAV $980 mil,2016 Q1 CF -$2 mil.Most companies were only fetching half of NAV,Long  got 80%.Sino  (New Star) had dealings with Long Run in the past and knew their properties.They started bidding on individual properties and decided later to grab it all.$800 mil was a lot for a company that could barely make the
 interest payments.Sino had quite a bit on their plate,the odds of them soon buying another were slim.If Sino made a low ball offer for twin,that would make sense,but for them to make a high offer in receivership???????????????
Anyone who thinks that Maq had nothing to do with that is dreaming.
How can it be that Long was offered top dollar and twin chicken feed (Reign)?
Mac just happened to be Long's selling agent.I haven't seen a deal yet where Mac didn't get a decent offer.To say that these guys have connections is an understatement.

I can only imagine what we would've ended up with If Peters remained the only selling agent.
If there were no ad hoc group,if mac wasn't involved,If Sino wasn't bidding,anyone of these and I doubt we would've ended up with much.What can I say, the heavens were aligned.