PBG.to(PBEGF)...Check out Petrobank these days...Petrobank has really been kicked to the curb lately (based on their 59% ownership in Petrobakken), but IMO, it has created a stock with hardly any downside risk. Not sure if anyone has paid much attention to Petrobank's market cap, but the stock price has been beat down so severely (mid $5's - mid $6's), market cap has been hovering around $700M & lower.
The big question here is...Is Petrobank worth $700M+ if their ownership in Petrobakken (PBN.to/PBKEF) & THAI were valued @ $0? IMO the answer is YES.
I beleive Petrobank has approx 1.6B barrels of oil in the ground. At a low in the ground price of $0.50, Petrobank's heavy oil assets look to be worth minimum $800M, even if oil was trading in the low $70's.
So what's the downside risk???
Pertobakken could go completely bust at this point, take THAI with it, and Petrobank still looks to be worth minimum $6.5 - $7 a share on a buy out offer WITHOUT Petrobakken or THAI.
This makes the 59% ownership in Petrobakken + THAI = nothing but gravy with Petrobank trading this low.
Anyone have another opinion on the value of Petrobank based on their heavy oil assets only, and let's say mid $60's, mid $70's oil prices??
My guess is minimum $700M - $800M.
Then add Petrobakken and THAI to that.
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