The heavy oil assets are worthless. They are spinning off the shares so they will not hold them when they go into bankruptcy and lose them to the bond holders. Why else would they cause U.S. holders to pay $2.75/shr in income tax (includes State tax). U.S. holders should vote against this plan and sell Petrobank shares.
Petrobakken has to spend $1.40 just to keep cash flow even at $1 as the decline in Cardium is much higher than normal. It is like a shell game. They better find a lot of oil in other locations or the game is over. Get out of these dogs.
What utter nonsense. PBN is on track to produce 60000+ in Q1 2013. PBG owns 56% of PBN.
Net PBN capex in 2012 will be about $350,000,000 while cashflow will top $600,000,000. That is not bankrupt by anybodies metric except a short idiot (cretin). THAI is less than perfect but a switch to SAGD would add a lot of value.
Cannot imagine the bond holders were consulted. They are watching their assets disappear. Their security has just been distributed to shareholders. There will be a major lawsuit as Bank is creating a bankrupt company and admits they only have 2 years of cash left. I agree avoid this mess. We may get a lawsuit before the vote.