EP Energy Corp. (fka EPEGQ)

[zj3001]

The cash was really low as is in we were trading last week a the cash settlement was all that was happening.

I don’t know if it’s a formality with Texas Bk, but that state alway helps oil companies and very business friendly(lots of laws to protect business there).

Maybe it was to clear the books. Maybe they can’t legally do a reverse spilt in BK.

But it does appear to be a company wants to go private to me. Said so in BK. It was smart of them to leverage Texas state law to wipe out billions in debt before going private.

[Penny Stocks 2.0]

Great time to load up.

[MJAM2020]

cash and a share in the new co? Seems if it was anything like that it would be one or the other?

imho
mj

[zj3001]

The way I read bankruptcy docs (the last 4th amended version) is this.

You get a cash settlement.
Old shares get converted to new prorated plan.
Company goes private.

[Penny Stocks 2.0]

Should see .025+ today, perhaps even .03, but .03 is a key resistance. It's coming soon.

[MJAM2020]

No clue...if there is any way commons survive..even if they reverse split it after all these funds getting all these shares...I'd have to believe the price should be a bit north of here..lol

imho
mj

[halbroke1]

MULTI-DOLLARS VERY POSSIBLE....DEFINITELY A BIG OIL COMPANY !!

[WHITTENHALLJR]

Where is this headed today .... any guesses?

[bonzai_bob]

Northshore what's the deal here?
Are people waiting for the disclosure statement on the 26th?
Will that doc specify the reorg plan and what happens to existing retail holders?

[Penny Stocks 2.0]

The assets value fluctuates as well based on current prices of oil...About Ep Energy Corporation. EP Energy is into the (E)xploration and (P)roduction of oil and gas. ... The company owns proved reserves of around 430 million barrels of oil equivalent, about 70% of which is oil and NGLs (natural gas liquids). Altogether, it has rights on 452,000 net acres in the US.

[zj3001]

They have $7b in assets, so shouldn’t be long to be back at a $3b+ MC. Assets minus new debt is just book value. Crazy undervalued

[NorthShoreTrading]

Thanks....

[zj3001]

You can google not “good”.

[zj3001]

It’s been posted below. But you can good EP Energy Bankruptcy Docket and you be taken to the link to see all court docs. The government debtors still need to be reviewed in March, but is supposed to be completed shortly after. This whole process has been flying through the court. It is is confirmed that debt was reduced from $7b to 3.3b.

[Penny Stocks 2.0]

Huge $629m EXIT PACT...Bankrupt EP Energy Receives Commitment From JPMorgan Chase to Convert DIP Into $629.4M Exit Pact

December 02, 2019, 08:55 AM

Filed Under: Energy

Related: Bankruptcy


EP Energy Corporation, which filed voluntary petitions for Chapter 11 on Oct. 3 in the United States Bankruptcy Court for the Southern District of Texas, has entered into a Senior Secured Superpriority Debtor-In-Possession Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and the lenders under EP Energy LLC’s prepetition reserve based credit facility.

Under the DIP Credit Agreement and the Order, a portion of the Prepetition RBL Facility was converted into commitments under the DIP Credit Agreement which provides for a $314,710,456 debtor-in-possession senior secured superpriority revolving credit facility, and the loans , and which includes a letter of credit sublimit of $50,000,000.

The Debtors have received an underwritten commitment from the DIP Lenders to convert their DIP Loans and their remaining claims under the Prepetition RBL Facility into a $629,420,912 exit senior secured reserve-based revolving credit facility subject to certain conditions set forth therein, which will be evidenced by a senior secured revolving credit agreement, by and among EP Energy LLC, as borrower, the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent.

EP Energy LLC will use the proceeds of the DIP Facility for, among other things, (i) the acquisition, development and exploration of oil and gas properties, for working capital and general corporate purposes, (ii) the payment of professional fees as provided for in the Order, (iii) the payment of expenses incurred in the administration of the Chapter 11 Cases or as permitted by the certain orders and (iv) payments due thereunder or under the Order.

The maturity date of the DIP Facility is the earlier of (a) November 25, 2020, (b) the effective date of an “Acceptable Plan of Reorganization” (as defined in the DIP Credit Agreement), (c) the closing of a sale of substantially all of the equity or assets of EP Energy LLC (unless consummated to an Acceptable Plan of Reorganization), or (d) the termination of the DIP Facility during the continuation of an event of default.

The DIP Loans will bear interest at a rate per annum equal to (i) adjusted LIBOR plus an applicable margin of 3.50% or (ii) an alternative base rate plus an applicable margin of 2.50%, in each case, as selected by EP Energy LLC. Any undrawn delayed draw term loans will be subject to an undrawn fee at a rate per annum equal to 0.50%.

The DIP Facility is secured by a senior secured superpriority perfected security interest on substantially all assets of EP Energy LLC and any subsidiary guarantors. The security interests and liens

[Penny Stocks 2.0]

The Schedule 13G confirms this!!

[Penny Stocks 2.0]

$EPEGQ Emerging »» https://www.newsbreak.com/texas/houston/news/0NUrIrW0/judges-approval-paves-path-forward-for-houston-energy-cos-bankruptcy

[NorthShoreTrading]

Not seeing a link for this "March 19th emerging from Bankruptcy" anywhere....will someone post a link so it can be verified? Thx...

[shipwithoutarudder]

Yes sir, I tend to agree, wouldn't take much!

[MJAM2020]

not sure what will happen here...but if a group or 2 takes notice and runs with it this could hit .10-.20 with as thin as it trades...will be interesting to see how it all plays out.

imho
mj

[shipwithoutarudder]

Somehow a duplicate was sent, sorry about that!

[halbroke1]

EPEGQ $$$ FIREWORKS MAY HIT DURING POWER-HOUR !!!!, THIS IS GOING TO GO SKY-HIGH !!!!, IM GOING TO LOAD MORE !!!!

[Penny Stocks 2.0]

CDEL doing everything to keep this under $0.02....I waited 10 minutes for a fill.

[shipwithoutarudder]

Nice response, shooting first and asking questions afterwards can be very beneficial, lol!! In a way, like yourself, a bit surprised that more eyes aren't on this but if I were a betting man, and I have to admit, I am a betting man, those eyes are coming. When the volume pops off the charts, we'll know they have arrived!

[Penny Stocks 2.0]

I'd assume they were issued...making them majoriyty owners. The rules would apply in the selling of shares...

[MJAM2020]

Were they bought or a result of this conversion?

The companies sent a plan to Judge Marvin Isgur in Houston on Friday. A deal would see Apollo and Elliott convert their roughly 70% stake in the company’s 1.5-lien notes into 99% of the equity of the reorganized oil and gas company. They would then agree to backstop $325 million of its $436 million equity rights offering at a discount.

[Penny Stocks 2.0]

I'd imagine they full under the 5%, 10% ownership (insider), regulations of having to report any sales, and if I recall I thought you couldn't sell while going through the BK process. Correct me if I'm wrong...

[zj3001]

Lol. All good just pickin’.

I do see potential.

Question I do not know....class a shares that are being bought, are those openly trade to someone like us, or are they direct offering from company?

[Penny Stocks 2.0]

Nah I'm not oxy, just a moron..lol

[MJAM2020]

Also interesting...scroll the last trade data...there are some ridiculously small lots tapping the bids especially early in the day

Imho

[zj3001]

Someone is obviously a seller with a very low ask from what it should be, and a buyer that is willing to pay for it all day long =accumulation
Doesn’t not = runner.....yet

[zj3001]

I do see. But what you typed was an oxymoron

[Penny Stocks 2.0]

Do you see .0171 budging, that's accumulation.

[zj3001]

How is accumulating holding it from running? People dumping and NOT holding is stopping the run.

[Penny Stocks 2.0]

Someone is accumulating lots here, holding it from running. Imo

[MJAM2020]

Would like to take a peek at this article.. https://www.bizjournals.com/houston/news/2019/12/04/judges-approval-paves-path-forward-for-houston.html

[Penny Stocks 2.0]

Judges Approval to Emerge March 19th plus the Ownership Filing a few days ago for Class A Commons....very intriguing.

[halbroke1]

OMG !!! THAT IS MASSIVE NEWS !!!!EPEG COMING OUT OF BANKRUPTSY AND WORTH $4.0-$7.0 BILLION....I THINK WE SEE $5.00-$10.00 MEGA-FAST..I CQANT BELIEVE THIS IS NOT GOING CRAZY TOADY...IS'NT ANYONE SEEING THIS OUT-THERE..WOW !!!

[MJAM2020]

Just surprised there aren't more eyes over here is all... And yea in some occasions shooting first and asking questions after can be very beneficial.

imho
mj

[MJAM2020]

sounds like some where weren't happy?

A key feature of a Houston-based energy company's bankruptcy deal received judicial approval despite opposition from a group of its lenders.

[Penny Stocks 2.0]

Bingo...Hence the OWNERSHIP Schedule 13G...

[Penny Stocks 2.0]

HOLY SHIT....Judge's approval paves path forward for Houston energy co.'s bankruptcy. Houston-based EP Energy Corp. ... The oil and gas company is expected to emerge from bankruptcy on March 19. The backstop agreement has the company handing out ownership over the company to four lenders, including Apollo Global Management Inc.

[shipwithoutarudder]

Curious why you would be surprised, this is just another stock beginning to rise from the ashes and it's probably popping up as an alert because of the percentage increase. I guess anytime you see a stock with a large percentage increase it's worth at least taking a look. I saw one a couple of weeks ago, saw an alert on NIO, made a lot of cash buying call options that day. I bought the calls before I even new what they did, didn't really matter with all the momentum that was going on with people buying the stock and shorts were probably a big part of it.

Not trying to facetious, just an opinion from my vast past experience's, lol!

[MJAM2020]

lol..getting some volume though...perculating?

imho
mj

[zj3001]

Come on...you know you want to go higher than this.

[iateone2]

Yeah I know, I've been holding this for around 2 months now I'm surprised to see NITE sitting at the bottom at 5.00 for now.

[MJAM2020]

Yea its moving up without much fanfare over here. I'm not sure what is going on..but surprised more people are even taking a look.

imho
mj

[iateone2]

Looks like it ready for another 100% move
Today.

[MJAM2020]

[Penny Stocks 2.0]

Hey all I can really is say is right from day one the CEO was confident EPE would exit the BK...as for your theory on a RS, It would makes sense to issue all those shares by the hedge fund to split them, imo.

I find it intriguing they acquired all those shares in the midst of the BK. I think it says something about the future but I'm.no expert.

I trade BK stocks cautiously...