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Now EORIF is producing 500 BOPD
look at this! i think its a mistake but wtf?! my broker changed the canceled shares to these german ones last week and hopefully they will trade as the new stocks. http://finance.yahoo.com/q?s=OUU.BE&ql=0
stocks redistributed! wonder when they will trade again?
Cano Petroleum still trading in Germany http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=OUU:BER
wiped out! gone! they will still show up in you account as a zero sum balance. You just write it off as a tax loss. That's the gamble playing with a q stock! good luck in the future!
peace
Looking at thr Bankruptcy plan, new stock may be re-issued
They just disappear. gone. Poof.
I cant believe 40 million shares are cancelled now! 12k was the volume the last time I checked. Can someone explain how cancelation of shares works and if the shares will be restored again in this process?
CANOQ: Bankruptcy PLAN effective. All shares cancelled:
http://www.otcbb.com/asp/dailylist_detail.asp?d=08/03/2012&mkt_ctg=NON-OTCBB
asdgwest, you need to look at value...
EORIF, now has a US Listing, $25 million in cash, No debt and is drilling 3 wells. Production of 350-400 bopd with 26,000 acres of oilfields having a PV-10 Value of $55 million.
Trades at .12-.14, market cap of $20-$22 million. Again, cash of $25 million and no debt. VALUE investing in a penny stock.
Stock keeps trading...Needs to creep up some more...Not sure when the shares will be cancelled..
Judge Clears Cano Petroleum to Sell Assets, Exit Chapter 11
Rachel Feintzeig
July 17, 2012
(c) 2012 Dow Jones & Company, Inc.
Cano Petroleum Inc. won approval to sell its assets to NBI Services Inc. for $47.5 million in cash and exit bankruptcy under its Chapter 11 plan.
Judge Barbara Houser of the U.S. bankruptcy Court in Dallas gave her blessing to both the sale transaction and the company's debt-repayment proposal at a hearing Monday, according to court papers.
The sale hands all of Cano's capital stock to Tulsa, Okla., petroleum company NBI Services Inc., which had served as the stalking-horse bidder in the case.
After months of pursuing "various strategic alternatives," including a merger with Resaca Exploitation Inc. that never came to pass, Cano entered into a stalking-horse asset-purchase agreement with NBI Services on the date of its bankruptcy filing. The deal set up NBI Services to kick off the bidding for the company's assets at a bankruptcy auction, but a lack of rival bids ultimately prompted Cano to cancel the contest and declare NBI the winner.
As a result, the deal with NBI forms the backbone of Cano's Chapter 11 plan. The proceeds of the sale will go toward paying the company's senior secured lenders. Junior secured lenders will get any funds left over after senior lenders are paid in full, and unsecured creditors would be entitled to a share of $300,000 plus any proceeds from pending litigation, according to the disclosure statement, or plain-language plan outline distributed to creditors.
Judge Houser on May 31 cleared Cano to send out the disclosure statement for a vote. The plan itself is broken down into eight separate plans, one for each of the affiliates that filed for bankruptcy March 7.
Cano, which once employed 50 people, had 27 employees at the time of its bankruptcy filing, some of whom are part time. It said it had $63.4 million in assets and $116.3 million in liabilities as of Sept. 30 and owes secured lenders Union Bank and UnionBanCal Equities Inc. $64.6 million and $16.6 million, respectively.
The oil and natural-gas company, which focuses on increasing domestic oil production in Texas, Oklahoma and New Mexico, sought bankruptcy amid declining revenue and liquidity constraints that forced it to replace management and hire financial advisers. The company has been in business for about eight years.
Is it bad news? Judge Clears Cano Petroleum to Sell Assets, Exit Chapter 11
Cano Petroleum Inc. won approval to sell its assets to NBI Services Inc. for $47.5 million in cash and exit bankruptcy under its Chapter 11 plan.
http://bankruptcynews.dowjones.com/Article?an=DJFDBS0020120717e87hir3cl&cid=32135014&ctype=ts&pid=311&ReturnUrl=http%3a%2f%2fbankruptcynews.dowjones.com%3a80%2fArticle%3fan%3dDJFDBS0020120717e87hir3cl%26cid%3d32135014%26ctype%3dts%26pid%3d311
Not sure what happened at yesterday's hearing, but why is stock still trading if it will be cancelled and new stock re-issued by NBI Services
What happened to the hearing set for yesterday? Are there any news out yet? ''The Company will seek approval of the Stock Purchase Agreement among the Debtors and NBI at a hearing currently scheduled for 9:00 a.m. (Central time) on Monday, July 16, 2012''
Cano did not receive any qualifying bids prior to the expiration of the bid deadline in competition with the 'stalking horse' offer from NBI Services, Inc., an Oklahoma corporation ("NBI"), to acquire the Debtors' equity interests or assets and businesses. As a result, the Company will not conduct the auction previously scheduled to begin at 10:00 a.m. (Central Time) on June 12, 2012.
Accordingly, the Company has declared that NBI's 'stalking horse' offer of $47,500,000 is the successful offer. The Company will seek approval of the Stock Purchase Agreement among the Debtors and NBI at a hearing currently scheduled for 9:00 a.m. (Central time) on Monday, July 16, 2012 and intends to proceed with the previously announced transaction to sell all of the shares of common stock that will be issued by the reorganized Company.
http://biz.yahoo.com/e/120611/canoq8-k.html
Cano Reorganization Progresses With Disclosure Approval
Last update: 6/1/2012 12:28:26 PM
By Stephanie Gleason
A Dallas bankruptcy judge gave her approval of Cano Petroleum Inc.'s (CANOQ) disclosures to lenders and creditors Thursday, allowing them to vote on Cano's plan of reorganization and paving the way for the court to confirm the restructuring in July.
Judge Barbara Houser said that Cano's disclosure statement contained "adequate information" for creditors and other parties to make an informed decision when voting whether to accept or reject Cano's proposed plan.
Cano will mail ballots to those entitled a vote on June 26; voters must accept or reject by July 6. A confirmation hearing is scheduled for July 16.
Cano's Chapter 11 plan proposes paying senior secured lenders with all of the proceeds for the sale of its assets. Junior secured lenders would get any funds left over after senior lenders are paid in full, and unsecured creditors would be entitled to a share of $300,000 plus any proceeds from pending litigation.
The oil and natural gas company, which focuses on increasing domestic oil production in Texas, Oklahoma and New Mexico, filed for Chapter 11 bankruptcy in March amid declining revenues and liquidity constraints that forced it to replace management and hire financial advisers.
Cano is scheduled to auction its asset on June 12 and has named Tulsa, Okla., petroleum company NBI Services Inc. as its lead bidder. NBI Services is offering $47.5 million for all of Cano's capital stock.
The court would approve the sale during a July 6 hearing. If NBI doesn't emerge as the winning bidder, it would be entitled to a $1.475 million breakup fee.
Cano, which once employed 50 people, had 27 employees at the time of its bankruptcy filing, some of whom are part-time. It claimed $63.4 million in assets and $116.3 million in liabilities as of Sept. 30 and owes secured lenders Union Bank and UnionBanCal Equities Inc. $64.6 million and $16.6 million, respectively.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Stephanie Gleason at stephanie.gleason@dowjones.com. Follow her on Twitter at @WSJBankruptcy.
Changed Ticker Symbol
CANOQ.PK is no longer valid. It has changed to CANOQ.
A must Buy? Now all forecasts see Canoq's 12 month price target expects at 35.26 usd.
High +213,604.8 % 35.26
Med +213,604.8 % 35.26
Low +213,604.8 % 35.26
http://markets.ft.com/Research/Markets/Tearsheets/Forecasts?s=CANOQ:PKL
NBI Services- A "Private" company? Anyone do any DD on them?
Small trucking company with warehouse in Okla, but " This company currently has approximately 1 to 5 employees and annual sales of Under $500,000."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73265274
Is anyone experienced in forecasts of analysts? How credible are the analysts estimating between 1 and 35 dollars per share as of recently?
http://markets.ft.com/Research/Markets/Tearsheets/Forecasts?s=CANOQ:PKL
I just skimmed through the court filings and saw bids are to be revealed on 7/2. I think there is some thought that the winning bid will surpase and pay creditors and the balance albeit small pay shareholders. There have been other message boards stating the same. CANO does have assets that have some value, whatever that is. Read the message some days earlier linking an article to an analyst. Thoughts, anyone?
Please can you explain what will happen next? I read the CANO 'PETROLEUM, INC Files SEC form 8-K, Regulation FD Disclosure' from friday but couldnt make my mind. And why did the stock go up 40%?
Successful bid to be revealed on 7/2/2012 per latest court filings
''As of Apr 06, 2012, the investment analyst covering Cano Petroleum, Inc. advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on Jan 22, 2010. The previous consensus forecast advised that Cano Petroleum, Inc. would outperform the market.''
http://markets.ft.com/Research/Markets/Tearsheets/Forecasts?s=CANOQ:PKL
All the promotion to .03 and everyone leaves....were halfway there.
Still looking at EOR? They are prepping the 3 drill pads for the drilling to begin June 16. Sitting on $25 million in cash with oilfields assets of $66.6 million and production of 365 bopd without debt. An easy triple from here.
They own 3 oilfields next to Cano's Cato field in SENM.
Time to move on to EOR.V(cdn) EORIF(us), Enhanced Oil Resources.
$25.5 million in cash and 5 lateral wells permitted in the Permian Basin.
Current production of 360 BOPD (360 @ $75,000 producing BO, $27MM)
PV-10, $66.6MM
They have 28,000 acres and according to the N/R...NO DEBT.
This is what put CANO into BK, DEBT.
How many companies are in this position?
Penny stock trading at cash value......
Slaughtered pig alive!
3/16/2012 - Another up day for CANOQ. The selling has seemed to stop for now, and I look for another upward tick Monday.
3/15/2012 - CANOQ is simply a solid bottom Bankruptcy play. If anyone follows Bankruptcy play's, they know that they typically bounce hard once the selling ends. 9 days ago, this was trading over $0.07. Now that we have seen back to back green days, expect a large run up in the next few days.
MMSTOCKPLAY
delisting in less than 45 days..
BK, common shares holders wiped out.
That's a total of 130% bounce for 3 days in a row, not bad!
What's the deal with this on?
well that dead cat bounce was a real dog.
Time to move on to one with real value.
been following one with 25.5 million in cash and drilling
This one is in the graveyard.
volume on ask 13, gone. GOGOGO
retrace to Fibonacci 38.2%, 3 cent is the minimum on bounce according to Fibonacci.
0.013 area is about to take out heading to 2 cent.
wow
ask very thin again after 12 taken out with volume. going up
i want to exit by .05 minimum. cant afford a total fail here. i think i will give it 2 weeks at least.
I will not be here in a month, or 2 weeks. But I will be here for a few days. Pick your exit and sell there. But this is bouncing right now and will continue to. IMO
you are not worried about the shares being cancelled soon?
yes. Look at the bounce happening over the last 3 days.
that would be the Dead Cat bounce....correct. I would get out when ever possible...if I was a bagholder.
lots of opportunities out there....one I have been following has $25.5 million in cash, ready to drill. trades at cash on hand. (.17 share)
is there sense in waiting a couple of weeks to sell or is .03 - .04 the last chance?
that's where the fibonaccie retracement resides for Q bounce
Agree probably into the .03, .04 range
0.0135 hit, Ask very thin.
this will go over 0.02 in minimum
Looks ready to bounce hard. If I am a shareholder, I wait for the big bounce.
some just cant handle the truth.
.02 would put a market cap of $900,000 on a Bankruptcy delisting in less than 45 days.
sorry, don't be upset that i'm putting you to ignore list.
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Web Site: http://www.canopetro.com
801 Cherry Street
The Burnett Plaza
Fort Worth, TX 76102
United States - Map
Phone: 817-698-0900
Fax: 817-698-0796
INVESTOR RELATIONS AND MEDIA CONTACT
John Homier
Tel: (214) 687-0030
Email: <john@canopetro.com>
DETAILS
Index Membership: N/A
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Full Time Employees: 114
BUSINESS SUMMARY
Cano Petroleum, Inc., together with its subsidiaries, operates as an independent oil and natural gas company in the United States.
Cano Petroleum has interests in the Davenport properties located in Lincoln County, Oklahoma; the Nowata properties consisting approximately 220 wells; the Desdemona properties covering 11,068 acres located in central Texas; the Corsicana properties that covers 341 acres; the Panhandle properties located in Carson, Gray, and Hutchinson counties, Texas; and the Pantwist properties comprising 167 wells and 2 workover rigs covering approximately 9,700 acres in the Panhandle field.
The company also holds interest in oil and gas properties in the Permian Basin covering 20,000 acres and three fields in Chavez and Roosevelt Counties, New Mexico. As of June 30, 2007,
Cano Petroleum had proved reserves of 66,720 million barrels of oil equivalent (MBOE), of which 8,454 MBOE were proved producing, 2,843 MBOE were proved non-producing, and 55,423 MBOE were proved undeveloped reserves.
The company was founded in 2004 and is based in Fort Worth, Texas.
KEY EXECUTIVES:
CEO: Jim Latimer , Chief Executive Officer and Director. Effective February 10, 2011, Mr. Latimer was appointed Chief Executive Officer. In addition to serving as a Managing Director of Blackhill Partners LLC, Mr. Latimer has headed Explore Horizons, Incorporated, a privately held exploration and production company based in Dallas, Texas since 1993. Previously, Mr. Latimer was co-head of the regional office of what is now Prudential Financial, Inc. Mr. Latimer's prior experience includes senior executive positions with several private energy companies, consulting with the firm of McKinsey & Co. and service as an officer in the United States Army Signal Corps.
CFO: John H. Homier, Chief Financial Officer and Secretary
Mr. Homier has over 30 years experience in finance, investment evaluation, and engineering. He is currently a Managing Director of J. H. Homier and Associates. Previously, he served as President and Chief Executive Officer of a Business Development Company focused on upstream oil and gas investments. He also developed and managed oil and gas investment programs for Continental Bank, Bank of America, and Deutsche Bank. Early in his career, he worked as a petroleum engineer with Exxon U.S.A. and served in the Civil Engineer Corps of the U.S. Navy. He holds registrations in petroleum and civil engineering and is a CFA charterholder.
Exec Dir: Jayme Wollison, Executive Director of Operations
As the Executive Director of Operations for Cano Petroleum, Mr. Wollison brings over 35 years of oil and gas experience to his position. He is responsible for the operations at Cano's properties located in Oklahoma, Texas and New Mexico. Prior to working for Cano Petroleum, Mr. Wollison had responsibilities in various areas of the oil and gas industry, to include many years as a Production Superintendent with extensive drilling, waterflood, well service and facility experience, mainly in the Mid Continent region. Mr. Wollison has also owned and managed several independent well servicing and oil and gas companies in Oklahoma.
CFW stock quote: - Cano Petroleum, Inc.
www.nasdaq.com/symbol/cfw
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