Stockwatch mention...I am done my morning coffee on the deck so time for me to get on with my weekend.
But stockwatch writer feels same:
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Elsewhere in Alberta, George Fink's Cardium-focused Bonterra Energy Corp. (BNE) lost 13 cents to $5.38 on 38,300 shares, after releasing a mixed update on its finances and operations. Naturally, it spun the entire update as purely positive, not mixed at all. The news that the company's bankers are reducing its credit facilities to $265-million from $300-million was cheered as creating "improved financial flexibility." It did not explain its logic. Presumably the explanation is that a greater proportion of the facilities will be in the form of revolving credit, which is more flexible than non-revolving credit because it can be reused after being paid off. Only two-fifths of the old $300-million credit facilities were revolving. That fraction jumps to three-quarters under the new $265-million facilities. Of course, investors are less interested in the fractions than the overall amount that Bonterra's bankers trust it to borrow, which has now gone down, and will soon drop even further: Bonterra said the bankers want to snip another $30-million off the non-revolving bits in November. Bonterra hoped its operational update would ease investors' frowns. Applauding its own "effective development in the first half of 2021," the company pegged its current production at 13,200 barrels of oil equivalent a day, which is at the top end of its full-year guidance of 12,800 to 13,200 barrels a day. The second-half program has already begun slightly ahead of schedule.