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Well mon your thoughts I can’t read that crap on my phone
Went through it. Nothing about commons .
$AREXQ plan or reOrg filed just hit
This isht trading wierd AF
Well weird I just refreshed it again and it’s at 303 was 496000. Must of been from whenever
my broker shows only 343 shares traded this morning
Huge volume showing on Charles Schwab but not on iHub?
I agree and at the rate it's dropping it's looking more and more attractive to average down. I feel that as more dockets are added the slighest indication that common shares may stay in tact could take it for a little ride. Imho.
Looks like it’ll drop until more details.
That’s my viewpoint as well. It could be sold as a shell but there would definitely be no timetable for that. Some of the wording in the dockets seems like there’s a possibility that they keep operating as well. Maybe starting off smaller imo.
The share structure is so small the only people that would sell below .01 are those that just dont even care what they get anymore. Because its the OTC there will probably be quite of few people that would dump to .001 just to get out.. The current Market Cap is 1.4M with 93M O/S. A clean shell is worth $400-800k alone so prices below .01 really make zero sense here.
There you go Tex, short close ended questions until they call for security. Hahaha.
Ask them if they plan on being in the same building through 2021
Good morning, if you feel comfortable walking in and trying to get some info I say go for it. I'm debating if I should add or hold. .001-.09 seems like a wide range for the PPS to fall into.
I guess you can go and see the overall mood. I highly doubt they would give you any inside info
That’s right around the corner from me lol you guys let me know if you need any me to go ask a few in person questions ;) I’ve been holding for a while myself
I found this
" order to improve our leverage position, we previously engaged in discussions and negotiations with Wilks Brothers, LLC, and its affiliate SDW Investments, LLC (collectively, “Wilks”) regarding their investment in the Company, including a possible debt for equity exchange of approximately $62.3 million aggregate principal amount of 7% Senior Notes due 2021 (the “Senior Notes”) currently held by Wilks and an additional capital infusion into Approach (the “Exchange Transaction”). In addition, we previously engaged in discussions and negotiations with the lenders regarding a potential extension of and amendments to the existing credit agreement. An extension of and amendments to the existing credit agreement was contingent on the successful and timely consummation of an Exchange Transaction. Discussions and negotiations regarding the Exchange Transaction, and extension of and amendment to the existing credit agreement progressed throughout 2019. However, no definitive agreements ultimately were executed, and the negotiations currently are not active. We, including our previously-formed committee of independent directors, have continued our evaluation of deleveraging and restructuring alternatives throughout the third quarter and through early November."
Their HQ is in Tarrant County
Approach Resources Inc. is an independent energy company focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas, where we leased approximately 113,000 net acres as of September 30, 2019. We believe our concentrated acreage position and extensive, integrated field infrastructure system provides us an opportunity to achieve cost, operating and recovery efficiencies in the development of our drilling inventory. We believe our business strategy is dependent on a successful restructuring of our balance sheet and the outcome of the Chapter 11 Cases. Assuming a successful restructuring of our balance sheet, our long-term business strategy is to create value by growing reserves and production in a cost efficient manner and at attractive rates of return. We intend to pursue that strategy by developing resource potential from the Wolfcamp shale oil formation and pursuing acquisitions that meet our strategic and financial objectives. Additional drilling targets could include the Clearfork, Canyon Sands, Strawn and Ellenburger zones. We sometimes refer to our development project in the Permian Basin as “Project Pangea,” which includes “Pangea West.” Our management and technical teams have a proven track record of finding and developing reserves through advanced drilling and completion techniques. As the operator of all of our estimated proved reserves and production, we have a high degree of control over capital expenditures and other operating matters.
Ok So how much of their assets were in this area "?
"located in Crockett, Schleicher and Limestone Counties, Texas, or attributable to assets
and properties of the Sellers located in Crockett, Schleicher and Limestone Counties, Texas"
PURCHASE AND SALE
Section 2.1 The Assets. Subject to the entry of the Sale Order, on the terms and subject
to the conditions of this Agreement and the Sale Order, at the Closing, the Sellers shall sell, convey
and assign (or shall cause to be sold, conveyed and assigned) to Buyer, and Buyer shall purchase,
pay for, and accept all of the Sellers’ right, title and interest in and to all assets and properties of the Sellers located in Crockett, Schleicher and Limestone Counties, Texas, or attributable to assets
and properties of the Sellers located in Crockett, Schleicher and Limestone Counties, Texas,
including all real property, personal property, equipment, vehicles and rolling stock,
improvements, facilities and fixtures (such assets and properties, SAVE and EXCEPT the
Excluded Assets, hereafter referred to collectively as the “Assets”). For the avoidance of doubt,
and without limiting the generality of the forgoing, the Assets shall include the following described
property rights, interests and privileges:
One thing is for sure folks, we're looking at shares worth either .001 or .09+ any day now.
We dont know exactly what assets were sold to Zarvona for 115M. It could be that other assets/ liabilities are still being sold and negotiated right now. The language suggests there is "remaining proceeds" of some kind which is great to read. Going to add 50k more shares and see what happens. My gut says .09-.20
" A means to enable the Debtors and the Secured Lenders to finalize and file a chapter
11 plan of reorganization which will effect the distribution of the remaining proceeds of the sale
of the Debtors’ Assets"
and they had 22 million from alpine
"5. The Debtors are in the final stages of negotiating the terms of a liquidating
plan of reorganization with their Secured Lenders"
"debtors and the Secured Lenders to finalize and file a chapter
11 plan of reorganization which will effect the distribution of the remaining proceeds of the sale
of the Debtors’ assets."
Ive been wondering if the extra time is to sell the rest of the assets. There probably isn't much left but initially the assets were listed at $1.7 billion. Substantially all of the assets were fire sold for $115 million.
I think willmington trust is secured and the are still owed $87 million. I doubt the $100 million to JP Morgan satisfies there $335 mil obligation, just a protection payment.
If there was $37 million left then we still might have a chance if willmington settles for 25% which would leave about $15 million or $0.16/share.
If they sell remaining assets then the pie gets larger though....
Seems like it. Leaves about 37 million if that’s the case. I wonder if the receivables are in play as well. And what happens with the rest of the assets not included in the sale
Docket #641 confirms Docket #581 and $100 million of the $115 mil was paid to secured creditor JP Morgan.
Since you dont like any opinion that is negative....
TO DA MOOOON!
AREXQQQQQQQQQQQQQ
Any opinion on the extension to December 28?
Would have looked like an inside job to bring down value just to purchase the assets penny on the dollar. I guess more of the court and shareholders might have felt slighted. Either way you have brought up your points and opinions. Most of us here understand the risk but are taking a chance for the reward.
And speaking of logical...you said the creditors probably wouldn't have went for it...where is the logic in that statement????
Creditors dont want to get paid in full in a bankruptcy??? Since when do creditors care where the money comes from?
That might be the most illogical thing you've said to date...but I'll let it slide since its early. Maybe you're not firing on all bk cylinders yet.
AREXQQQ
Lol. All BKs are risky. But this BK made sense as far as the risk to reward chances. What is your goal on this board?
You guess???
Listening to you trying to reason this AREX BK out has been akin to watching a preschooler trying to assemble blocks for the first time.
AREXQQQQ
That’s probably the most logical bashing statement that you’ve made. My guess is that there is probably some type of issue letting an insider purchase the assets penny on the dollar. Creditors probably wouldn’t have went for it. But just my opinion.
If the Wilks brothers have 47% of the shares, and stand to lose $100 million in a bankruptcy, and the current buyout price of Approach Resources is, what $115 million?
Why wouldn't the Wilks brothers just pony up the other $115 million and buy the company outright?? That saves their position, makes their stock holdings back to level par bringing AREX out of BK with commons in tact, for a relatively small price? (whats a $100 million to a billionaire?)
But thats not happening, Wilks is just rolling the dice in BK court???
I don't believe it...it stinks to high heaven.
AREXQQQQQQ
I added shares so what does that tell you :)
Nothing has really changed. So I don’t think anyone can give any new information at this point
You still feeling we have a cut when all this is over?
I added some today.
In a way that gives me some hope. Check out the background from the founding partners of that group and the companies that they have in their portfolio.
https://www.yorktownenergy.com/team
Noticed that too. They also added 1k in May of 2020
I noticed in that link that a Yorktown Energy Partners bought $3,000 worth of commons on August 14th of 2020. Guess they are willing to roll the dice as well. They have been around for a long time so maybe they know something.
Seems odd that Blackrock Funds would add 39 shares???
https://fintel.io/so/us/arex
they own 45 million shares 47.96% they do not own any preferred shares it appears and do not own majority shares
No rational thought to his logic.
If they get New shares then so will ever share holder of commons you can't pick and chews who gets New shares If they are commons and that is what those guys own are Commons so either we all win with commons or nobody does here If they get $$$ we geet $$$ if they don't we don't
How would he get those shares? By investing more? Because if they can’t trade his commons to new shares without trading other commons. So you must be on the side that he has other forms of debt or equity in the company. This is all we were trying to figure out. Your opinion is noted. Thanks
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