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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Bonterra Energy Corp.    BNE   CA0985461049

BONTERRA ENERGY CORP.

(BNE)
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Delayed Quote. Delayed Toronto Stock Exchange - 04/09 03:59:54 pm
1.47 CAD   +4.26%
03/25Canadian oil companies ask government for cash, credit to survive
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03/13BONTERRA ENERGY CORP. : Ex-dividend day for
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03/11BONTERRA ENERGY CORP. : Announces Changes to Board of Directors
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Canadian oil companies ask government for cash, credit to survive

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03/25/2020 | 03:55pm EDT
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary

WINNIPEG, Manitoba/OTTAWA (Reuters) - Canadian oil and gas companies are urging Ottawa to free up credit and cash to help them survive the twin shocks of COVID-19 spread and a crude price war, pitching ideas ranging from tax deferrals to backstopping bank loans.

The country's oil patch is on "life support" after the Saudi-Russian oil price war coincides with the spread of COVID-19 through the major oil-consuming regions of Asia, Europe and North America.

Ottawa is considering ways to backstop banks to ensure they allow oil companies to access existing and new lines of credit, preventing massive job losses, said an industry source who has participated in meetings with Finance Minister Bill Morneau and Natural Resources Minister Seamus O'Regan.

The source spoke on condition of anonymity because discussions are confidential and at a sensitive stage.

The energy industry has also asked for cost relief, including postponement of royalty collection and waiving or deferring Canada Pension Plan and Employment Insurance premiums, as well as federal sales tax, the industry source said.

A separate source directly familiar with government thinking said negotiations are still active with the oil-producing provinces of Alberta, Saskatchewan and Newfoundland & Labrador.

Addressing liquidity is the main federal priority, the source said. The government is mulling whether to help the energy industry by expanding a C$10 billion credit support package for businesses that it unveiled on March 13, the source added.

Morneau said on Wednesday that small- and medium-sized energy companies are "particularly vulnerable." He has previously said the oil aid package will include funds to clean up non-producing wells that have no legal owner.

Legislators approved on Wednesday a broad C$107 billion ($75.4 billion) support package, and Prime Minister Justin Trudeau's government has said it is also planning targeted support for the energy, hospitality and aviation sectors.

A spokesman for Alberta's Energy Minister could not be immediately reached.

Marty Proctor, chief executive of Seven Generations Energy Ltd , said he has spoken directly with both the federal and Alberta governments about upcoming support, and left feeling assured.

"They are talking about trying to encourage banks to work with their business partners, so that gave me some confidence," Proctor said in an interview.

"It sounds to me like both governments are working hard to find good solutions."

While banks are facing stronger demand for short-term cash flow, they are unlikely to lower their lending standards, said David Beattie, senior vice president at Moody?s Investors Service.

Aiding oil companies would be the wrong move in light of climate change, and workers should get the support instead, dozens of environment, health and other groups said in a joint letter to Trudeau on Monday.

Service companies who work for oil producers face especially great difficulties, said Gary Mar, chief executive of the Petroleum Services Association of Canada.

"Unlike (producers), we don't have oil and gas to sell. If we're not working, we don't have cash flow."

By Rod Nickel and David Ljunggren

Stocks mentioned in the article
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BONAVISTA ENERGY CORPORATION -6.06% 0.155 Delayed Quote.-76.23%
BONTERRA ENERGY CORP. 4.26% 1.47 Delayed Quote.-63.20%
SEVEN GENERATIONS ENERGY LTD. -3.47% 2.5 Delayed Quote.-73.55%
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Latest news on BONTERRA ENERGY CORP.
03/25Canadian oil companies ask government for cash, credit to survive
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03/13BONTERRA ENERGY CORP. : Ex-dividend day for
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Financials (CAD)
Sales 2020 136 M
EBIT 2020 -
Net income 2020 -
Debt 2020 282 M
Yield 2020 2,04%
P/E ratio 2020 -0,93x
P/E ratio 2021 -1,00x
EV / Sales2020 2,43x
EV / Sales2021 1,97x
Capitalization 47,1 M
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Technical analysis trends BONTERRA ENERGY CORP.
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 13
Average target price 1,36  CAD
Last Close Price 1,47  CAD
Spread / Highest target 104%
Spread / Average Target -7,64%
Spread / Lowest Target -49,0%
EPS Revisions
Managers
NameTitle
George Frederick Fink Chairman & Chief Executive Officer
Adrian Neumann Chief Operating Officer
Robb D. Thompson Chief Financial Officer & Secretary
Randy M. Jarock Independent Director
Gary J. Drummond Independent Director
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