Shares in Petrobank Drop 90% in First Trading Day Since Reorganization: Report

Shares in Petrobank Energy and Resources Ltd. (PBG.TO) are down 90% in the first trading day since the company completed a major reorganization, Canadian Press reported.

The company, now called New Petrobank, announced on Monday it had completed the spinoff of its 57% stake in PetroBakken Energy Ltd. (PBN.TO), a light oil-focused company.

The overhaul, announced in October, will see New Petrobank keep about $100 million in cash and a heavy oil business.

The stock was trading at $1.14, a drop of $11.26.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.