RE:Trading this week A lot of denial going on in the BNE camp today. First of all before Monday's announcement you were way over levered and very low cash flow at current prices. Essentially you are in a boat load of financial trouble. After Monday's announcement, the only thing that has changed is instead of one escape hatch from bankruptcy, you have two (government debt and OBE merger). After today you have just the government debt option but you are still way over levered and low cash flow.
I hear the childish comments that OBE is in worse shape. Well if that is true why would OBE's bank agree to the proposal they put forward. BNE has$30,000 debt per flowing barrel. Obsidian has $20,000. BNE cash flows are 1/6 of ofOBE in the2q period. You are definitely in much deeper trouble.
i point this out because yes it is possible that you will live to see higher prices and higher stock price but nothing fundamentally has changed. I noticed the stock was downgraded today to $1.20.
As I have said I am thrilled that you have rejectedOBE's courtship but please recognize that your company is not strong and that there is no special formula that you have that will make you a better investment than all the over levered companies in this sector. Good luck and I hope you will transition from denial to anger very smoothly.