"Given these huge reserves and the huge potential of this technology, why won't any players step up and make an offer? There is plenty of cash, money is cheap right now. If you were the CEO of Shell or Baytex, and you knew that PBG had 5 times its market value in PV10 economical reserves, a stake in a similarly undervalued Bakken play, and a potentially game changing oil sands technology, wouldn't you step up with an offer here? "
While its not the case of only one company, PBG, as long time oil investor i can tell you, why any players dont step up and make an offer in distressed times. Its simply as that, THEY ARE STUPID OR SCARED LIKE MOST OF THE INVESTORS.
Of course there could be some problems, with PBG reserves few years later, but thats the thing we will find out only in the future.
During the oil price slide from Fall 2008 to Feb 2009, there was something like 0 buyouts. Of course, there was no credit available then, but even "Hungry China" bought exactly 0 energy companies. They rather waited some time and bought it for 2-3x more then they could have it during most distressed times (eg. ADDAX Petroleum, their first buy in 2009).
The market is getting scared and everybody and their gradmamma are now pricing oil equities like oil was 50 again. There are some small companies trading near or under cash values already. M a A should be going in full speed now, but its the other way...the M a A market in slowly freezing....
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