Opinions
Swanzy Quarshie
Bellatrix Exploration Ltd.
BXE-T
SELL
Mar 28, 2017
$1.030
Stock price when the opinion was issued
oil
gas
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They are more levered towards natural gas. It all comes down to being able to live with the volatility. Anything related to Montney natural gas is betting on LNG, which may not come quickly enough. He would stay away.
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COMMENT
Debt concerns? BXE took bankruptcy protection when debt became too much. There is no equity value in it any longer. Companies that have debt that matures in 2020 or 2021 will have issues. He sees no issues with BIR or TVE on this topic. The new Federal relief program for large companies may be difficult for companies to accept as it has provisions for up to 15% of ownership being made available in warrants to the government.
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In the past it had some good attributes. Then their decline rates got way too high. They spent a lot of money on infrastructure and now are forced to sell some of it because debt has gotten too high. There are so many other names you can buy.