RE:RE:RE:RE:RE:sellBTE does not meet the liquidity test??? That is an absurd statement. BTE is cash flow positive with WTI at US$50. At $60 WTI they will generate close to $220mm of FCF. At $60 WTI the debt is approximately 2.2x est. 2020 FFO. Their net asset value is close to $7 / share. Current ratio = 1x. Debt / asset ratio = .5.
All of the above indicate that BTE's financial position is in decent shape. BTE's 2021 and 2022 notes are trading at par - indicating no fear of distress. BTE's 2024 notes are trading slightly below par value - indicating only a slight risk 3-4 years out (which is normal given the volatility in today's market).
A buyback is not being pursued right now due to BTE management's conservative approach to 2020 / 2021. Shareholders can complain but it is currently not a good environment to have too much leverage. Once they get the 2021 and 2022 notes dealt with and debt paid down another $200-300mm they can put share buybacks as a No.1 priority. For now longs need to be patient and let the trolls and shorts enjoy the constant worry.