Global Value Investing

[2morrowsGains]

PBG.to/PBEGF, PBN.to/PBKEF...Phenominal run on both these stocks since their lows a couple of months ago. Both are up over 120% from their lows in October!! Also, Petrobank has closed the gap a bit but is still hugely undervalued based on their 59% ownership in Petrobakken (based on today's prices).
And Petrobakken exited 2011 @ over 50k boepd.

Today's Petrobakken news...

January 18, 2012 06:45 ET

PetroBakken Announces Proposed US$750 Million Offering of Senior Unsecured Notes

CALGARY, ALBERTA--(Marketwire - Jan. 18, 2012) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR RELEASE OVER UNITED STATES WIRE SERVICES

PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (TSX:PBN), today announces that we plan to commence, subject to market conditions, a private placement offering of US$750 million aggregate principal amount of senior notes due 2020 (the "Notes"). The Notes will be senior unsecured obligations and guaranteed on a senior basis by each of the Company's subsidiaries who are guarantors under our senior secured credit facility and certain future subsidiaries.

A portion of the net proceeds from the proposed offering of Notes will be used to fund our tender offer for up to US$450 million aggregate principal amount of our outstanding 3.125% convertible bonds due 2016, which was also announced today, with remaining proceeds used to repay indebtedness under our senior secured credit facility.

The Notes offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The senior unsecured notes will be offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons under Regulation S. In Canada, the Notes will be offered and sold on a private placement basis in certain provinces to certain accredited investors.

Concurrent with the Notes offering PetroBakken has requested that our existing senior secured credit facility be increased by $150 million, providing for total credit availability of $1.5 billion, with a maturity date of June 2, 2014. As at December 31, 2011, we had $1.2 billion drawn on this credit facility.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. Nothing in this press release shall be construed as an offer to purchase the convertible bonds.
http://www.marketwire.com/press-release/petrobakken-announces-proposed-us750-million-offering-of-senior-unsecured-notes-tsx-pbn-1607972.htm