PetroBakken Energy Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis - Q3, 2011
- Published: December 2011
On Jan. 18, 2012, Standard & Poor's Ratings Services assigned its 'CCC+' issue-level and '6' recovery rating to PetroBakken Energy Ltd.?s (B/Stable/--) planned senior unsecured notes. The '6' recovery rating corresponds with negligible (0%-10%) recovery in our default scenario. Standard & Poor's also assigned its 'B' long-term corporate credit rating and stable outlook to PetroBakken. Bond proceeds will primarily repay debt, including a portion of the company's subordinated convertible bonds. Our scenario contemplates a default in 2014, following a prolonged period of low oil and gas prices in North America that primarily leads to a sharp decline in PetroBakken's cash flow and ability to fund its fixed charges. PetroBakken is a light oil exploration and production (E&P) company with properties...
Companies mentioned in this report are: PetroBakken Energy Ltd
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PetroBakken Energy Ltd