‘Zombie’ stocks haunt Canada’s oil patch, but buyers not interested
Last year Michael Binnion considered selling some of his company’s assets to focus on its core play in Alberta, but then changed his mind as oil prices kept plumbing new lows.
“In retrospect we really wished we had sold,” the CEO of Questerre Energy Inc. said last week.
“It’s hard for me to envision many people saying ‘I would love to sell my oil assets at a price of US$30 per barrel,’” said the Calgary-based Binnion. “So anybody who is selling assets it’s because they have looked at all other options and decided that’s the best one.”