Athabasca Oil Corp T.ATH

Upcoming debt redemption

[Kupotea]

ATH is clearly one of if not the most undervalued oil companies on a listed exchange. It's also incredibly clear that the price is being held back by the notes due in 2022. The company can start repaying those outstanding notes without penalty as of Feb 24th, which I fully expect them to start doing. As soon as the debt is refinanced with a longer runway and hopefully agreeable terms the stock will start trading in line with peers which should justify a quick 2x return. The risk is that ATH can't refinance their existing debt before next Feb which shouldn't be a challenged with current oil prices but would likely sink the company if oil goes back below $50. The one thing that leaves me a little uneasy is the terms on the secured notes. Does anyone have access to the debt prospectus and would be willing to share? I could easily see a vulture fund taking a run at this if the terms made sense.

[Kupotea]

Found the prospectus on Sedar. There's nothing holding the company back from refinancing this debt. If $60 WTI doesn't slip this will be at least $1.00 come summer and possibly much higher after the debt is refinanced at what I assume will be better rates, less restrictive terms and a much longer runway. At $70 WTI you could make the justification that $3.00 a share is fair value if it