Emerald Oil, Inc. (EOXLQ)

[LouisDesyjr]

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.