BTE - Another Nine Points Disaster. It looks like TVE all over again.
Listening the Eric Nuttal makes me sick to my stomach, promoting company to dilute their share holders, issue shares for more capital, and carrying highly leverage over weight balance sheets.
50% of FCF for dividends and share buybacks, when i see the debt load and the 50-50 formula if anything goes wrong you are hooped.
So BTE is a highly leveraged?, Do they have a high share count, a huge debt load, a FCF shareholder commitment.
All well your speculating whether or not the Eaglesford acquistion will pan out, and do you have enough capital to make a material diference, grow production, figure out the secert sauce because its simply not flipping a switch.
Eric has never run a Oil and Gas company and his thesis of capital destruction through sharebuybacks, simply satisifies his need for liquidity so he can pump and dump stocks, but does nothing to create a healthy viable long term investment.
BTE is now very much like TVE another company following Erics invesment strategy.
You need to wait around for 3-4 years while the company fixes itself, buy back enough shares, and reduce enough debt, and hope you have enough capital for meaningful production increases.
I dust my feet off on any investment where Eric is involved with because it is only pump and dump.
He will not invest in a company that has low share count, strong balance sheet, and uses its strong balance sheet and capital to run a real energy company, not one directed by spreadsheet jockies.
IMHO