RE:RE:RE:Waterous screw things upThey're not going banrupt; lots of production, good netbacks for the type of oil, low decline rates; the interest drag on the netbacks is say $4-5/barrel. With the free cash flow, the debt will come down pretty quick and that will improve the netbacks handsomly.
The debt is costly, interest-wise, but the forex risk has been eliminated - with the cad/us swings between 0.92-1.56 in the last few years, the forex risk was a big variable - now that's gone and it will make the metrics much more stable; costs bit more in interest but that premium has already been gotten back at the rate they converted the debt at, for about a year's worth of difference, if I recall.
IMO the refinancing was a good move, and necessary for future stability. This helps metrics, as far as optics go, it also helps any future re-financing efforts, renewals, etc, with forex risk gone.