RE:RE:RE:RE:RE:RE:RE:Trading needs to be Suspended !!! personally I wouldn't mind combining the companies but I could just see the boardroom battles over strategy!
Bonterra is an excellent company and was THE MODEL used when PNE was founded by investment from BNE's ceo - as Phil keeps saying at his presentations. In fact it was the first small cap oil company with a massive, long term ROC strategy that worked well for decades.
They were never combined at any time. PNE was always an independent standalone company. In theory it was to be the gas alternative to Bonterra but beyond G. Fink there is not a lot of disclosed investor overlap or at least not insiders. I own a little of both, much more BNE.
BNE does have debt. A debenture, a term loan and a credit line. You are correct - the credit line only should be paid off by year end. They owe about 150 million right now, 130ish by year end.
BNE is much more actively drilling and must maintain the pace about 42 wells this year versus 3 in 2023 at PNE.
If PNE is going to maintain such a high dry gas weight they are going to have to maintain a cash balance with such a high dividend. The low decline rate is awesomel but it doesn't get them all the wzy there.
Phil needs to complete a transaction and preferably to get liquids up over 5000 barrels per day. Hopefully condensate or oil. Not ethane or propane!