Bonterra Energy Corp T.BNE

JV acreage

[TheRexmember]

The IPO overlay is not as clear to me but I went through the Entrada site and it looks like we both share almost all of grid R5 / T41 with lots more land next door to each other. 77 net sections, nicely focussed and mostly contiguous. 

4100 boe/d of production for Entrada with a 67% oil and liquids cut. 

I think we found our target...

[kavern23]

Entrada is probably also a target for Obsidian.  I agree Entrada is likely to be bought by someone. But a downturn is when deals happen, harder for deals to happen in that type of play with higher oil prices.

[TheRexmember]

IPO maybe too. They have been the most active deal maker of the three.  we have almost a full township JV'd with them though.   

[Resilience2]

4100 boe p/d is too big too buy, IPO certainly too. They indicated they will start smaller. Entrada or IPO both would be more like mergers than straigh out buys in my view. BNE can trade away NAV to do that.  Don't be surprised if it's a different area since we now know they bought Montney acreage around La Glace.  The IPO JV is a township under Entrada: R5/T40. Some of it is

[TheRexmember]

It is only 30% of current production. By year end we should have 40-50 million in cash on the balance sheet -  more if we defer a little Q4 drilling or get higher oil prices. Plus 110 million available on the credit line. Very doable with minimal dilution and lien will be down by 18 million at year end.    Ridgeback just sold for 525 million probably a higher quality Total