RE:RE:RE:RE:RE:RE:UpgradeAnd the other really nice postive since March 2020 is just the market conditions in the Cardium.
A viable public company actually exists now to take out Cardium names.
I never thought Whitecap had any potential as a target company to be interested due to the fact WCP needs capital for the so many other irons they have in the fire, and WCP wouldnt want to pay what YGR management would want.
But a silver lining has emerged from the push of bellatrix into insolvency....Spartan Delta was formed and it is embarassing how cheap the management team got bellatrix for. Right place at right time as the oil patch was in such dire straits at the time.
So spartan delta has bellatrix assets with ZERO debt and like I think over 30 million or more cash in the bank. They are signalling they are looking to buy someone out...one of the few comoanies that has the stock price and balancesheet to make deals in the junior to mediumish range.
I was tempted to buy some spartan delta today but I backed off as over 4 dollars....and I also am not keen on the land base delta has. Bellatrix never really tried the cardium zones on the land in last few years...doing spirit river wells...for a reason, they dont have the best cardium right anymore. YGR got much of the good cardium rights bellatrix had. YGR got alot of thier intial cardium land from Bellatrix.
But Spartan Delta looks interested in cardium now and they are drilling a cardium well right now.
So far know I am passing on Spartan but f*ck it looks good.
In my opinion I don't think Spartan has interest in Bonterra. BNE has too much abandonement liabilties and alot of BNE land has so little natural gas. Plus Spartan is far from Pembina, Willy Green area of cardium. The gas and oil togtther wells are most economic like YGR, Orlens (private), Inplayoil (has abit) and Petrus have.
Just my opinion, but I don't think Inplay has the land base to be of interest to Spartan. Reason IPO made an acquistion, they need drilling locations. Plus IPO has such smart management I think want more time to contnue building.
Petrus likely would be of interest to Spartan. Petrus has really good cardium land. Only problem is they have no money to ever drill 15 or more wells per year...they do like 4 a year if lucky. So much debt. But man their cardium wells are fantastic. They dont even have the money to drill 2 mile wells and do 1 miles and they are good. Spartan would have the cash to drill it fast. Need to be under 20 cents for me to give it a shot as they still face a looming debt wall and I can always wait to see what happens with Petrus.
YGR would give Spartan drilling options with oil content. And Ygr owns plants in the cardium.
Personally I hope Spartan doesnt try anything with YGR. Our stock is too low.
But it is awesome at least a potential dance partner exists now. It didnt a year ago..I realistically who...everyone is too small for a major to be intersted in.