RE:RE:Shorted more this morningAgreed, it comes down to the new BTE business plan execution. The market wants to see how the merged company performs in relation to it's 100,000 BOE per day guidance, debt mgmt, operational efficiency, hedges, etc. KELT was rewarded yesterday and today for it's 2018 performance which was surprising giving it's still low oil to gas ratio (and semi stranded northern assets).
BTE should also get rewarded for execution. It appears BTE may take another one or two quarters. The new BTE does not have a long enough track record for the big money. Many still see BTE as a failed indebted heavy oil company. BTE mgmt must put up the numbers to prove to the market it has re-invented itself. The Duvernay asset potential could surprise as well. BTE is at minimum a hold here. Put your big boy pants on through the show me stage as this thing has been a pig lately. There are no guarantees (Unless your Notley).
All that said one never knows when something this undervalued gaps up.