RE:Why OBE news is discussed hereYour continuing faith in Obsidian is admirable, but your best guesses are all the data on OBE’s debt levels, capital allocation and real income that we have. I look at the track record; and whatever improvements have or have not been achieved since Mr Loukas came in, don't see where your optimism comes from. Nor, over the past seven months, have any of the multitude of good questions about “the offer” been addressed. When their agent called me and left a voice mail, all I got when I called back to at least listen to the pitch was “Your call is very important to us...”; ending some time later with a click. I am curious as to how you would see a public offering work; I doubt that it would, no matter how discounted its terms were.
I attempted to post screen shots from the TMX public record, but this is apparently beyond me. We do not yet have OBE’s 2020 year end, but for the five years before that:
Obsidian:
(CAD in millions) 2019 2018 2017 2016 2015
Gross profit -667 -175 -121 -105 -1.354
Operating income -708 -221 -167 -723 -2,345
Bonterra:
(CAD in millions) 2020 2019 2018 2017 2016
Gross profit -9.93 28.94 38.25 36.96 113.15
Operating income -11.39 21.34 29.51 23.43 -7.34
OBE's record is appalling. BNE’s is not pretty, but they bet of commodity prices turning and were paying out dividends to their shareholders that, in retrospect, imprudent. What was OBE doing at the same time? Well, here is the story:
https://en.wikipedia.org/wiki/Obsidian_Energy
OBE continues to be a survivor, but read that saga of how it got to where it is, and consider the appeal of an IPO in light of it. Someday, maybe, with a lot of hard work re-establishing credibility, but it would be a hard sell at this point.