Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Those who bought at $0.04-0.09 are pumping it hard in Order to Dump their worthless shares to the new bagholders before the share Cancellation.
Cancellation will happen any time without further warning, like all BK stocks.
Don't get trapped in this pump/dump. Or you'll lose all.
Then how come pps ups away ???
Wow! all insiders dumped all their shares below $0.1 in Nov. This means the cancellation is happening any time now!
EOXLQ, shares to be Cancelled and all insiders dumping all their shares in Nov.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11692738
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11682281
The insiders know better.
Bagholders will lose everything.
Be careful.
EXOLQ, all shares are going to be Cancelled and Wiped out in Nov. The bagholders will lose all.
MPOYQ, was just cancelled last Friday without warning. EOXLQ is the coming next.
Be very careful!
EOXLQ, this Pig has been$0.04-0.05 for months, then pumped by these little guys in order to dump their worthless shares.
All shares will be cancelled soon!!!
I am out. I don't see anything left for shareholders.
RIP ....
So...with a stalking horse bidder emerging this evening to buy all assets for $70mil, where does that leave us when closing market cap is 2mil and 8mil shares outstanding?!?
Stage setting for third party over-bidders in July auction!
$EOXLQ
Pennyland coming soon like all BK stock. With so Vast Losses and Deficits, EOX company will be closed definitely! Even the creditors won't let to lose more money as it's hopeless at all.
I won't count my shares lost until that are cancelled, weirder things have happened. Just call me a optimist.
After the stupid reverse split, it doesn't matter much anyway.
EOX was $0.50 in Feb and was pumped to $1.4 for Dumping as they might have know the Bankruptcy coming. Now shares are worthless and will be Cancelled.
Its losses were too Vast: $330 Million. The company might be closed soon as they can't continue.
EOX, Loss: $330 Million, Huge or Vast! That's why it filed Bankruptcy. Guess the company won't last long and will be shut down.
EOX changed to EOXLQ, bankruptcy. Delisted from the AMEX to the OTC:
http://otce.finra.org/DLAdditions
Unfortunately yes.
While I can't tell exactly, I assume the company must be bad off if they need a DIP financing for the small amount of $20 million. It sounds like they have run out of all of their cash and have no other way to continue operations.
Louis J. Desy Jr.
I guess either way stock goes to Zero
EOX asset listing and value
I saw that on their statements, but I think the problem is that is the book value, and market value is a lot less.
If you look at the filing, you will see a block were they list the value of the assets and value of the liabilities in ranges on the initial filing pages, were value is the current market value. In that part of the filing, assets are $50 million or less, while liabilities are $100 million or more.
When there is a summary of the full schedules filed, it should be clearer, since that will have a one page summary of all assets and all liabilities.
Louis J. Desy Jr.
Emerald Oil files for Chapter 11 bankruptcy
Mar 23 2016, 07:40 ET | About: Emerald Oil, Inc. (EOX) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Emerald Oil (NYSEMKT:EOX) files for Chapter 11 bankruptcy protection, the latest of more than 50 oil and gas companies that have sought bankruptcy protection since the beginning of 2015.EOX says it has obtained $20M in post-petition debtor in possession financing, which, subject to bankruptcy court approval, will provide it with liquidity to maintain its operations during the Chapter 11 process.EOX lists assets of $405M and debts of $361M.
source http://seekingalpha.com/news/3169132-emerald-oil-files-chapter-11-bankruptcy#email_link
They just filed BK on March 23, 2016
Emerald Oil, Inc. Announces Fast Track Restructuring and Files Voluntary Chapter 11 to Implement 363 Sale:
March 23, 2016
http://ir.emeraldoil.com/company-news/detail/1001
They just filed for Chapter 11. They got 20 million DIP financing.
It looks like the equity is wiped out. The petition lists, with a check box, assets of $10 million to $50 million while liabilities are listed at over $100 million.\
Link to filing petition:
https://dr201.s3.amazonaws.com/emerald/VoluntaryPetitions/16-10704.pdf
Link to case information:
https://www.donlinrecano.com/Clients/emerald/VoluntaryPetitions
Louis J. Desy Jr.
Watch for volume ! ~
Few options unless oil doubles this week.
BK here or coming?
Termination of Material Definitive Agreement. 8K
of what? You sold or ?
Not now looking for under $ TO GET IN
If oil prices would have rebounded eox would have been a big success story. Unfortunately the depressed price of oil killed all small e&p's and will eventually kill the big ones too.
It looks like it is over
2015 Q3 10Q report for the period ending September 30, 2015:
http://ih.advfn.com/p.php?pid=nmona&article=69207006
plus a follow up report from Bloomberg that cites them as expecting to default
http://www.bloomberg.com/news/articles/2015-11-11/energy-default-alarms-get-louder-as-pain-seen-lasting-into-2016
It looks like it is all over for Emerald Oil. The Q3 2015 report is bad. The company has only $25 million in current assets to pay $38 million in payables. Equity since Dec 31, 2014 has fallen from $321 million to only $44 million due to loses and all kinds of write downs.
It looks like the company is getting hit with all kinds of write offs.
Louis J. Desy Jr.
2015 Q3 conference call
http://ir.emeraldoil.com/company-news/detail/996
This should be 'a riot'.
Louis J. Desy Jr.
I wish the Chinese would buy us.
http://www.palmbeachpost.com/ap/ap/texas/chinese-investment-company-to-buy-texas-oil-fields/nn84H/
Each 'deliverable' is for five shares
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CCwQFjACahUKEwjU7pex-sTIAhVIdR4KHafADIw&url=https%3A%2F%2Fwww.miaxoptions.com%2Fsites%2Fdefault%2Ffiles%2Falert-files%2FEOX_Split_36779.pdf&usg=AFQjCNEgyLEtj_r75IVK57o5OMIqxJHTDA&cad=rja
I just took another look at EOX options. The deliverable is for five shares on each contract, with each contract being 100 options, so a total of five hundred shares.
I took a look at buying some put options in 2016 (I am expecting the company to be bankruptcy by then), but they seem too expensive.
Louis J. Desy Jr.
It's not just them it's most of the industry. Over leveraged, under economical and over stated reserves.
I can't believe EOX got themselves in such a position
I almost bought some EOX several months after they did the reverse split a number of months ago. Some articles seemed to indicate that things had changed for the company and were going to get better.
I am glad that I didn't trust such a view after a reverse split with what happened. I also can't believe how companies kept lending to companies like EOX and never letting any profit build up. It is as though everyone thought that nothing would ever go wrong with the price of oil.
Louis J. Desy Jr.
I can't disagree with your comments.
Recent 8K and 10Q reports, very bad, company needs to file BK
I just took a look at the June 30, 2015 10Q report: http://ih.advfn.com/p.php?pid=nmona&article=68038234
plus an 8K report of October 13, 2015, about the reduction in the borrowing base:
http://ih.advfn.com/p.php?pid=nmona&article=68855341
My observations and comments about both:
1: The borrowing base was reduced to $120 million but the company is is over that by $19.6 million. i.e. The company was not able to pay off enough of the loan to get down the drawing only $120 million.
2: The company has a huge imbalance between current liabilities ($382 million) and current assets ($45 million). The company is also losing million per quarter on top of that, so the assets are probably not worth anywhere near what they are being carried on the books.
The company, unfortunately, looks dead. There is no way they are going to get out of this situation and should have filed bankruptcy months ago. This looks so bad that I think the unsecured liabilities will get zero also when they finally have to file.
Louis J. Desy Jr.
That is not unrealistic. They have a deficit and apparently are going to work out payment plans. Banks want to work with them but Feds may bring the heat. Challenges ahead.
Reduction in borrowing base is not good
I have not seen the details, but it would indicate that the assets are not there to allow the borrowing. I expect this is a sign that the company is heading into bankruptcy, especially with such a large decrease in assets, reflected in the decline in the borrowing base.
Louis J. Desy Jr.
Emerald Oil (NYSEMKT:EOX) -3.3% premarket after announcing that the borrowing base under its revolving credit facility was decreased to $120M from $200M as part of the regularly scheduled semi-annual redetermination by its lenders.
EOX says the decrease in the borrowing base has resulted in a deficiency of $19.6M, and it is negotiating with the bank group regarding a repayment schedule.
Followers
|
24
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
801
|
Created
|
10/23/12
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |