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What has hap to Gasco, down to one penny sp. thats 1,000% drop ...
The Q now is, will they ever regroup and head north? In sp
GSXN - A/S 9 Billion
SCHEDULE 14C
On October 23, 2013
increase the number of shares of Common Stock authorized
for issuance
from 600,000,000 to 9,000,000,000
and (ii) reduce the par value of our shares of preferred stock from $0.001 per share to $0.0001 per share.
http://www.sec.gov/Archives/edgar/data/1086319/000110465913078254/a13-22929_1pre14c.htm
http://stockcharts.com/h-sc/ui?s=GSXN&p=D&yr=0&mn=7&dy=10&id=p75725174127
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That I don't know but what I can tell you is that will retest the 4 cent area, this is Almost 400% from this levels ;)
Please explain. Apparently you are very familiar with the company. I have been a shareholder since 2004 at $3.18. Sure would like to see it return to that price.
Dr. Doug
Shoulda sold when I did at .07 before it really hit the dumps. Sell before its worth $0
What am I supposed to do with the stocks I own? It literally has no value and I am significantly under loss.
GSXN - AS increased to 9,000,000,000 for conversion.
the Board has approved and adopted an amendment to the Company’s Amended and Restated Articles of Incorporation (as amended, the “ Charter Amendment ”), to increase the number of authorized shares of Common Stock to 9,000,000,000 to permit the full conversion of Series D Preferred Stock and has recommended that the stockholders of the Company approve the Charter Amendment by written consent.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9563833
Restructure numbers dont make sense. So I read the press release about the restructuring but the numbers don't make sense. How does 394 million new shares plus 50,000 preferred shares equal 97.5% control of the company? I get that the prefeered shares can be converted to common stock but in order for the current outstanding shares of 164million to have 2.5% ownership there would have to be 6.5 billion shares outstanding. Am I missing something? Are they really going to let the 50,000 preferred shares convert to almost 6 billion in common stock. Any feedback is appreciated.
Q2 better but uses Chpt 11 Bk liquidity phrase.
Gasco Energy Announces Second Quarter 2013 Financial and Operating Results
Last update: 7/30/2013 4:53:00 PM
DENVER, July 30, 2013 /PRNewswire via COMTEX/ -- Gasco Energy, Inc. (otcqb:GSXN) ("Gasco" or the "Company") today announced financial and operating results for the second quarter ended June 30, 2013.
Q2-13 Financial Results Oil and gas sales for the second quarter ended June 30, 2013 were $2.9 million, as compared to $1.6 million for the same period in 2012. Natural gas sales comprised 83% of total oil and gas sales for Q2-13. The year-over-year increase in oil and gas sales is primarily attributed to a 99% increase in the average price received for the Company's natural gas volumes, a 6% increase in the average price received for oil volumes, offset in part by a 4% decrease in equivalent production volumes.
Gasco's average realized gas price was $4.50 per thousand cubic feet of natural gas (Mcf) for Q2-13, compared to $2.26 per Mcf in the prior-year period, excluding the effect of hedges. During June 2012, the Company settled its remaining commodity hedge contract, and the Company currently does not have any commodity hedges in place.
The average realized oil price for Q2-13 was $82.92 per barrel, as compared to $78.57 per barrel for the prior-year period. Gasco does not hedge its crude oil volumes.
For Q2-13, Gasco reported a net loss of $3.0 million, or $0.02 per basic and diluted share, as compared to a net loss of $5.1 million, or $0.03 per basic and diluted share in Q2-12.
As of June 30, 2013, Gasco's total assets were $53.2 million, its stockholders' equity was $13.1 million, and cash and cash equivalents were $2.0 million.
Net cash provided by operating activities during Q2-13 was $0.5 million, as compared to net cash used in operating activities of $3.0 million in the comparable 2012 reporting period. Net cash used in investing activities during Q2-13 was $0.25 million, as compared to net cash provided by investing activities in the prior-year period of $0.1 million.
Gasco Energy, Inc. Q2-13 Q1-13 Q2-12 % Change
Unit Cost Analysis Sequential Q-o-Q
Sales Volumes in Barrels of Oil Equivalent (Mcfe) 565,480 455,937 588,196 24% -4%
Average Price Received Gas ($ / Mcf) $ 4.50 $ 3.38 $ 2.26 33% 99%
Average Price Received Oil ($ / Bbl) 82.92 79.21 78.57 5% 6%
LOE Components
Direct Operating Expenses ($ / Mcfe) 1.65 0.98 1.45 68% 13%
Workover Expense ($ / Mcfe) 0.10 0.19 0.40 -45% -74%
Production Tax ($ / Mcfe) 0.06 0.09 0.10 -34% -40%
Total Lease Operating Expense ($ / Mcfe) 1.81 1.26 1.96 44% -7%
Transportation Expense ($ / Mcfe) 1.60 0.99 0.88 61% 82%
DD&A Expense ($ / Mcfe) 0.70 0.82 1.10 -14% -37%
G&A Expense ($ / Mcfe) 2.64 2.12 1.89 24% 39%
Non-cash Stock-based Compensation Expense ($ / Mcfe) $ 0.08 $ 0.11 $ 0.13 -26% -35%
Q2-13 Production Estimated cumulative net production for Q2-13 was 565 million cubic feet of natural gas equivalent (MMcfe), as compared to 588 MMcfe in the prior-year period. Included in the Q2-13 equivalent calculation are production volumes of 5,800 barrels of liquid hydrocarbons, as compared to the prior-year period production volumes of 4,200 barrels of liquid hydrocarbons. Net production changes are attributed to normal production declines in existing wells, which were partially offset by new producing wells and recompletions and workovers of existing wells.
First Half 2013 Period
Note Regarding Uinta Basin Joint Venture During Q1-12, Gasco conveyed a 50% interest in certain of its Uinta Basin properties to its joint venture partner concurrent with the March 22, 2012 closing of the transaction. Due to the 50% interest conveyance, operational and financial results for the six-month period ended June 30, 2013 are not similarly comparable to the same period ended June 30, 2012.
Oil and gas sales for the first half of 2013 were $4.7 million, as compared to $4.8 million for the same period in 2012. The decrease in oil and gas sales during the first half 2013, as compared to the prior-year period, is primarily attributed to the Uinta Basin transaction and normal production decline and to a 5% decrease in the average price received for oil volumes, offset in part by a 56% increase in prices received for natural gas volumes.
The average prices received for the first half of 2013 were $4.00 per Mcf and $81.11 per barrel of oil, as compared to $2.57 per Mcf and $85.36 per barrel in the 2012 first-half reporting period.
For the first half of 2013, Gasco reported a net loss of $4.7 million, or $0.03 per share, as compared to a net loss of $10.2 million, or $0.06 per share in the prior year period. Included in the first half 2013 results are a non-cash gain of $0.7 million attributed to derivatives and $0.2 million related to an impairment of the carrying value of the Company's inventory.
Excluding the effect of the above-stated non-cash items, Gasco would have posted a net loss of $3.8 million, or $0.02 per share for the six-month period ended June 30, 2013. Net loss excluding the effect of non-cash items is a non-GAAP financial measure.
Net cash provided by operating activities for the first half of 2013 was $0.3 million as compared to net cash used in operating activities of $3.5 million for the same period in 2012. The Company invested approximately $1.1 million during the first half of 2013 in oil and gas activities. Net cash provided by investing activities during the first half of 2012 included $19.2 million in cash proceeds from the sale of certain of the Company's Uinta Basin assets as part of the previously announced Uinta Basin joint venture. Net cash used in financing activities was $8.5 million in the first half of 2012.
Outlook Due to the significant extended decline in the natural gas market and low natural gas prices in recent years caused primarily by excess production, Gasco has not been able to recover its exploration and development costs as anticipated. As such, there is substantial doubt regarding the Company's ability to generate sufficient cash flows from operations to fund its ongoing operations, and the Company currently anticipates that cash on hand and forecasted cash flows from operations will only be sufficient to fund cash requirements for working capital through September of 2013. This expectation has been revised from the Company's previous estimate as reported in its Form 10-Q for the quarter ended March 31, 2013, due to the implementation of cost savings measures and cash management strategies.
In addition, the Company did not pay the April 5, 2013 semi-annual interest payment on its 2015 Notes, and as a result, an event of default occurred under the indenture, which could result in legal action for collection of the 2015 Notes or the filing of an involuntary petition for bankruptcy against the Company. As a result of the event of default, the trustee of the 2015 Notes or the holders of at least 25% in aggregate principal amount of the 2015 Notes have the right to accelerate payment obligations under the 2015 Notes. As of July 30, 2013, total accumulated principal and interest on the 2015 Notes (including default interest) equaled $47,233,455. The Company has not received any notice of acceleration of the 2015 Notes as of July 30, 2013 and it is engaged in discussions with the holders of the 2015 Notes regarding responding to the default.
Gasco has not allocated any amounts to its 2013 capital budget. The Company's prior revolving credit facility matured in June 2012, at which time Gasco repaid all of the outstanding borrowings thereunder. While the Company has attempted to secure a replacement facility, it has been unable to do so on acceptable terms and the Company is no longer actively in discussions to obtain a replacement facility. There can be no assurance that Gasco will be able to adequately finance its operations or execute its existing short-term and long-term business plans, and the Company's liquidity and results of operations are likely to be materially adversely affected if it is unable to generate sufficient operating cash flows, secure additional capital or otherwise pursue a strategic restructuring, refinancing or other transaction to provide the Company with additional liquidity.
As previously announced, Gasco has engaged Stephens, Inc., a financial advisor, to assist the Company in evaluating such potential strategic alternatives, including a sale of the Company or all of its assets. It is possible these strategic alternatives will require the Company to make a pre-packaged, pre-arranged or other type of filing for protection under Chapter 11 of the U.S. Bankruptcy Code (or an involuntary petition for bankruptcy may be filed against the Company). These factors raise substantial doubt about Gasco's ability to continue as a going concern.
Teleconference Call Gasco has elected to postpone its second quarter conference call with investors, analysts and other interested parties until such a time that that the Company can convey further substantial and material information regarding its current liquidity situation.
About Gasco Energy Denver-based Gasco Energy, Inc. is a natural gas and petroleum exploitation, development and production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region and in California's San Joaquin Basin. Gasco's principal business is the acquisition of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. Gasco focuses its drilling efforts in the Riverbend Project located in the Uinta Basin of northeastern Utah, targeting the oil-bearing Green River Formation and the natural gas-prone Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations
Paul Agius Delicata appointed CEO of Gasco Energy Ltd
http://www.independent.com.mt/articles/2013-06-17/company-news/paul-agius-delicata-appointed-ceo-of-gasco-energy-ltd-1844576257/
5 days ago - Monday, 17 June 2013, 13:52
The Board of Gasco Energy Ltd, the company that is operating a fully certified LPG importation terminal, storage and bottling complex in Benghajsa inaugurated last November, has announced the appointment of Mr Paul Agius Delicata as its Chief Executive Officer. The appointment is effective as from May 1, 2013.
Mr Roberto Capelluto, who has held the position of CEO of Gasco Energy Ltd to date, will continue to occupy the position of Chief Executive Officer at Liquigas Malta Ltd, the company responsible for the distribution and marketing of liquefied petroleum gas in Malta.
The company announcement stated that this appointment of a new CEO for Gasco Energy Ltd will help intensify its focus on its core activities. It will also benefit from Mr Agius Delicata’s total focus on this part of the business in light of his extensive experience in the gas industry.
For the past five years, Mr Agius Delicata, 49, occupied the post of Chief Operating Officer of Liquigas Malta Ltd and Gasco Energy Ltd and led the project team tasked with the completion of Gasco’s facility in Benghajsa with tight timeframes and complex safety features.
Mr Agius Delicata was a senior technical executive of Multigas Ltd for over 20 years, prior to his joining the Liquigas Group. During this period, he played a key role in the development of the new Multigas facility at Kirkop. He holds an MSc. in Cryogenics from Southampton University and has substantial experience in the production and distribution of gases.
nice bouncer here with a 7 cent target
GSXN .0335 up 21% on lite-volume, good sign http://stockcharts.com/c-sc/sc?s=GSXN&p=d&b=8&g=0&id=p17970548896
But you need to know what too look for :)
sc
Ship's sinking, I'm outta this looser.
GSX changed to GSXN. Delisted from AMEX to OTC:
http://www.otcbb.com/asp/dailylist_detail.asp?d=04/25/2013&mkt_ctg=NON-OTCBB
The dime would make for a very Nice Profit
Could be 4/26 open OTCQG
Have seen these regain the dime if any juice left at all. The ones that don't usually are facing Bk anyway.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=87213114
GSX filing says they are delisting: The Company has subsequently determined not to proceed with an appeal of the Exchange's determination to delist the Company's common stock, and the Company notified the Exchange of its decision on April 23, 2013. Accordingly, the Exchange is expected to begin the process to delist the Company's common stock and trading on the Exchange of the Company's common stock is expected to be suspended at the opening of business on April 26, 2013.
The Company expects that its common stock will immediately become eligible to begin trading on the OTCQB Marketplace on April 26, 2013. However, the Company can give no assurance that its common stock will become or continue to be eligible to trade on the OTCQB Marketplace or on any other securities exchange or quotation medium.
So when is the Delisting Day anybody Excited. Lol
Woo. What with the Pop today
They find Gold
@Sm Caps - I do see a lot of similarities but honestly haven't done a lot of due diligence to offer any meaningful highlights. I just don't see anything positive from this stand point for investors.
In another message board, the situation of GSX has been compared to that of GGR. Other than a low pps, do you see similarities?
@screaming - Agreed, I see reorganization of some format required but then new upside could emerge. Will be staying tuned.
I'm not sure they will or will not either, but from what I can see an exchange of debt to equity could occur and the company could emerge lean, mean and be able to develop their key assets. If I were a betting man, I would bet on this scenario happening.. If it does, you do not want to be owning stock.. until after the exchange and reverse split takes place... I'm just speculating here, so don't anyone read more into this than there is at this point..
@Ghanayem - I'm really not sure if the company will be or not. At this point my comment was more along the lines of acquiring its assets should that occur.
GENERALLY, WHAT YOU THINK FOR GSX BANKRUPTCY THEY CAN SOLVE IT.
Any good oil & gas company can leverage debt very successfully in my opinion if they a) acquire or expand cash flows with it b) oil prices do not go upside down significantly and c) they line up their PDP / PUD numbers and Capex programs to meet the burden of servicing the debt successfully.
$GSX would be nice to pick up their assets out of bankruptcy or liquidation or BOTH LOL.
The stock is oversold, that will create a rise in the stock tomorrow.
Despite their filings, they make an attractive acquisition now, anything can happen.
i dumped this dog with fleas and lost big time. The conference call was a joke. Im sorry but its been said before how can a oil drilling company loose money when the oil industry today is the most profitable industry in history of MONEY... Time to move on. All the best!
Outlook: Due to the significant extended decline in the natural gas market and sustained low natural gas prices caused by excess production and stagnant demand for natural gas, the Company has not been able to recover its exploration and development costs as anticipated. As such, there is substantial doubt regarding the Company's ability to generate sufficient cash flows from operations to fund its ongoing operations, and it currently anticipates that cash on hand and forecasted cash flows from operations will only be sufficient to fund cash requirements for working capital, including debt payment obligations, through the second quarter of 2013. There can be no assurance that the Company will be able to adequately finance its operations or execute its existing short-term and long-term business plans, and its liquidity and results of operations are likely to be materially adversely affected if it is unable to generate sufficient operating cash flows, secure additional capital or otherwise pursue a strategic restructuring, refinancing or other transaction to provide additional liquidity. The Company has engaged a financial advisor to assist it in evaluating such potential strategic alternatives. It is possible these strategic alternatives will require the Company to make a pre-packaged, pre-arranged or other type of filing for protection under Chapter 11 of the U.S. Bankruptcy Code (or an involuntary petition for bankruptcy may be filed against the Company). These factors raise substantial doubt about the Company's ability to continue as a going concern.
http://ih.advfn.com/p.php?pid=nmona&article=56601848
I agree! They have some great potential here, just too much debt. I have always liked this company because of the "potential", but it was never fully realized and was mismanaged to a large degree.
I sorta thought it could go that way. These guys from day one always were big on debt financing. They have the right locations, but until recently have focused on most of the wrong stuff.. I look for a debt to equity deal sorta like DUNR and EPL went through.
Any thoughts on those roughly 100k of shares traded after hours?
Would be an interesting acquisition to pick up their assets through reorganization.
Well, SE looks like you are going to be right. Sounds like a Pre-Packaged bankrupsy to me..
Tanking in after hours to .03 (-52%).
Don't know much about the company at all, but looking at their filing today, they are saying there is only enough cash to fund the operation through 2Q/2013.
So, perhaps, BK filing is coming???
Anyone with insights into this company?
Thanks
Beautiful technical chart!!!! Quarterly report was expected imo!
R we ready for the Blo Out Earnings Report today at close. Should be at a buck by years end imo
$GSX gas in this tank today!
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Denver-based Gasco Energy, Inc. (NYSE MKT: GSX) is a natural gas and oil exploitation and development company focused on natural-gas-rich prospects in the Rocky Mountain area of the United States, specifically in Utah's Uinta Basin. Additional exploration leasehold is located in California and Nevada.
The Company's principal business strategy is to enhance stockholder value by using technologies new to a specific area to generate and develop high-potential exploitation resources in this area. Gasco's principal business is the acquisition of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases.
Gasco currently focuses its efforts in the Riverbend Project located in the Uinta Basin of northeastern Utah, targeting the Wasatch, Mesaverde and Blackhawk, Mancos and Dakota/Morrison gas bearing formations and the oil-prone Green River Formation. As of December 31, 2011, Gasco held interests in 184,612 gross acres (86,178 net acres) located in Utah, California and Nevada.
The Rockies represent the largest untapped, drillable potential for natural gas supply in North America. The Potential Gas Committee (PGC) estimates ultimate recovery of total gas reserves in the Rockies at 230 trillion cubic feet, excluding coalbed methane. The PGC estimates the greatest potential for non-associated natural gas in the Rocky Mountain region is concentrated in southwestern and south-central Wyoming, adjacent northwestern Colorado and northeastern Utah. This region includes the Uinta, Piceance and Greater Green River Basins.
ABOUT GASCO ENERGY | Management
Gasco's highly qualified management and technical team has extensive industry experience and a proven track record in oil and gas exploitation and development. The team has successfully developed several "early stage" oil and gas companies in the U.S. and Canada.
ABOUT GASCO ENERGY | Directors
Gasco Energy is committed to providing expertise to enhance the reputation and governance of the company through its Board of Directors.
Charles B. Crowell | ||||||||||||
Chairman of the Board of Directors
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Denver-based Gasco Energy (NYSE MKT: GSX) is an independent exploitation and production company focused on developing tight gas sands in the United States Rocky Mountains. The Company's primary project is in the prolific hydrocarbon-bearing Uinta Basin of Utah. SEC-defined proved reserves at December 31, 2011 were 19.9 Bcfe, 100% of which were in Utah, 92% were natural gas and 100% were proved developed.
Gasco's 2012 initial capital expenditure budget ("Capex") is $5.0 million for oil and gas activities. In the Uinta Basin, the Company is allocating approximately $3.6 million for the drilling and completion of seven gross (1.3 net) new Green River Formation oil wells and six gross (2.0 net) new-drill natural gas wells. The Uinta drilling program is expected to commence during the third quarter of 2012.
The Company has allocated an additional $1.4 million to progress its exploration program, principally focusing on its California projects, including ongoing leasing and seismic acquisition. The Company expects that the Capex budget will be funded primarily from cash on hand and cash flow from operations. The 2012 Capex budget is subject to market conditions, drilling results, oilfield service availability, and commodity prices. The 2012 Capex does not include any promotes or carries in its California projects. |
In December 2011, Gasco began drilling two 50% working interest wells to test the productive potential of the oil-prone Green River Formation. The Federal 34-19 was successfully completed in three stages and the Federal 23-30 was successfully completed in four stages. The Federal 34-19G and the Federal 23-30G had initial seven-day average rates of 67 BOPD and 50 BOPD, respectively. The wells continue to produce as expected.
Based on the early success of these Green River wells, Gasco plans to drill seven gross (1.3 net) new Green River wells in its 2012 capital expenditure program. As of December 31, 2011, Gasco's leasehold interest in the San Joaquin Basin is approximately 37,959 gross acres (14,603 net) in Kern and San Luis Obispo Counties of Southern California. Leasehold rental payments and geological expenses are current in order to preserve the acreage positions. The Company is actively marketing these prospects to attract drilling partners for further exploration of the area. The project is in close proximity to the Midway-Sunset and Belgian Anticline oil fields which combined have cumulative production in excess of 2 billion barrels of oil.
Below is a description of the various projects in this area as of April 2012: Northwest McKittrick. The operator of this shallow oil prospect continues to work with the applicable California state agencies to acquire the appropriate permits. Progress has been slowed due to California state budget issues and forced furloughs affecting the regulatory agencies. While some progress has been made, final approval is still pending from Federal and California agencies. Willow Springs. The operator of this oil prospect has drilled and reached total depth on the initial well. The operator has run a seven inch liner to total depth with the intent of testing the well. It is anticipated that the well will be tested within the next 45 to 60 days. Antelope Valley. The operator of these oil and liquids-rich prospects is currently processing and interpreting the 3-D seismic data over the Antelope Valley prospects. Our agreement with the operator requires that the initial earning well be spud during the first half of 2012. S.W. Cymric. In Q1-12, the S.W. Cymric prospect, featuring both shallow and deep oil and gas potential pay horizons, was sold for a prospect fee of $750,000 and includes a best-efforts drilling commitment subject to seismic evaluation. Gasco will be carried for a 20% working interest in the first well. San Joaquin Basin. We continue to develop new prospects and acquire acreage along the west side of the San Joaquin Basin. The new prospects are a continuation of the structural and stratigraphic geologic model that we have been working on for the past nine years that has yielded recent success along the west side as demonstrated by discoveries and field development by other operators with similar geologic models. |
Market Value1 | $12,255,949 | a/o Feb 01, 2013 |
Shares Outstanding | 169,749,981 | a/o Nov 14, 2012 |
Float | Not Available | |
Authorized Shares | Not Available | |
Par Value | 0.0001 |
Shareholders of Record | 323 | a/o Mar 04, 2008 |
http://www.otcmarkets.com/stock/GSX/company-info
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