RE:Petrobank-Petrobakken-Lightstream-Ridgeback-Saturntriken wrote: I didn't think I would be owning this again (at a price) having been robbed by Ridgeback. $2.11 share offering and mega debt when everyone else in the oil patch is re-trenching. Not against contrarian moves and the price is ok however the trader shoals do not like to be deviated from current underlying trend. Interesting to see when we get back to halted share price.
There was a lot of resentment to Ridgeback in the market and this likely still persists.
Should have stated resentment by Lightstream shareholders who were completely wiped out when the bond holders took over the company. JW borrowed heavily instead of raising equity resulting in bankruptcy, many shareholders believed that this was opportunistic and extremely predatory and that there was residual value which could have flowed to the common shares.
I note that there will be 17000boed accruing from Ridgeback but they were forecasting 24500boed last year, I presume some of that production was sold off hence the reduced price, decrease in WTI from last year also affecting price paid.