RE:RE:Roszell out the door that is big newsI don't think Roszell ran for the door although the press release appears to reveal a difference of opinion and no BS celebratory bon voyage. He likely died a natural death with to many chiefs and Baytex controlling the Board. The deal has not exactly been a winner and that must have created some internal blame game or rift (for both). At the time of the deal they needed each other debt wise and thought they could create a cash flow machine. They have but with much debt and the oil price has not helped along with Tudeau/pipelines, climate change nonsense (Greta LOL) and global over supply of oil has created a slow moving yawner debt repayment status quo production company. Although there is some torque to the upside but at the moment the oil bear downside/sell side is winning the day. Buy and hold investors have been killed in the patch. Some quotes from the past show some of the fire and brimstone logic. "This is a truly compelling combination that creates an even stronger company," said Neil Roszell, executive chairman and chief executive of Raging River, in a call announcing the deal. "It is a better position for value creation that is well beyond what either of our companies could do on a standalone basis." Raging River said they consider the merger to be a "win-win combination" because it expects the deal to be a boon for providing scale to advance East Duvernay Shale operations, diversifying its asset portfolio to include a free cash flow generating asset in the Eagle Ford and to enhance the company's size and trading liquidity.
Meanwhile, Baytex said it adds a free cash flow generating asset in the Viking, increases operatorship, and gives the company exposure to emerging East Duvernay Shale oil activity.
"We are very cored up ... All of these oil assets have growth potential," said Baytex CEO and President Edward LaFehr. "Our strategy going forward would be to essentially run the Viking and the Eagle Ford for free cash flow and maximize those returns, focus on capital efficiency and then the grow the Canadian heavy business as well as the East Duvernay oil play."
Yawn.....