RE:RE:Oil Up $1.70 BTE Goes Up .04BTE will not be doing an equity finance at these prices. They have more than enough free cash flow to pay down the C$300mm notes due in 2021 and a lot of options regarding the US$400mm notes due in 2021. The US$ notes are trading at close to par value which indicates that debt holders have no concern about the ability to get paid and are perhaps anticipating a call option to be exercised soon.
BTE is getting killed for a bunch of reasons unrelated to its balance sheet, including (1) tax loss selling, (2) general negative sentiment regarding oil and E&Ps, (3) some big institutional investors moving away from fossil fuels, (4) lack of confidence in CDN oil markets and egress, and (5) concern about global economy.
The company will get through this moment of uncertainty and thrive when the above noted issues abate.