It was carnage with oil and gas stocks in both CANADA and the US. Even companies with significant refining capacity got hammered. However, as long as the interest payments are being made there is no point in calling in the loans. The model in Canada is that drilling is curtailed and decline rate sets in; about 30% in year one, then 20% in year two, as there is not enough drilling to replace production. I'm talking about frac'd wells, not oil sands production. Canada's shale industry is a bit different as we tend to target condensate and the gas that comes with it. The condensate is mixed with the bitumen from oilsands production to make it pipeline grade (WCS). By the way, it gets complicated in that half the oilsands production is processed into synthetic oil and does not need condensate, the other half is raw bitumen that simply gets diluted. In any case the companies obtaining hydrocarbons through fracking are not in good shape.