Opinions
Daniel Lloyd
Bellatrix Exploration Ltd.
BXE-T
COMMENT
Nov 24, 2017
$2.480
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.
oil
gas
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.
oil
gas
One of many natural gas producers that’s been beaten up really badly. High quality assets, with an opportunity to de-lever based on many things. Gas assets in the Deep Basin are quite solid. Produces quite a bit of propane, not a bad gas liquid to be producing at the moment. It appears there is too much debt on the company, so he walked away some time ago.