Bargain prices for oil and gas companies as they hit the discount bin Social Sharing
"It was a rough week for the Canadian oilpatch, to say the least, with the Keystone pipeline shutting down after a leak, Encana deciding to become American, and a new drilling forecast for 2020 that is woeful at best.
To cap things off, Pengrowth Energy announced its pending sale.
The Calgary-based company was a homegrown success story and was once worth billions of dollars. Its share price was more than $13 in 2011.
On Friday, Cona Resources said it would buy Pengrowth in a deal that would value each share as worth a nickel.
That's even lower than the 20 cents they were worth earlier in the week."