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Don't exactly know why it went there in the first place, but the pos is still in bk and commons r still fighting or their issue
LPRIQ coming off the greys and 1200% gain. That is so awesome
US Trustee contact for knowing status of the case and sending request
U.S. Trustee
United States Trustee
844 King Street, Room 2207
Lockbox #35
Wilmington, DE 19899-0035
302-573-6491
Case No: 13-12487
I am going to contact US trustee to check they are going to request bids from companies like chevron, coonoc or some other Canadian, USA and international oil and gas company. Many OIL and Gas companies will pay better price and we will be compensated for our shares.
send strong objection to the BK judge
We should send strong objection. Relate facts from the various filings and PR news. I will recommend investors affected should be in Delaware court on OCT 22 at 11:00 am. Lone pine is trying to rip off common stock holders.
In the BK filing
total liabilities are 375 million and no asset value is mentioned.
As of June 30 2013 10Q filing total assets were $565,741,000 and liabilities were $402,338,000 with tangible assets of $163,402,000. Lone pine management has been mismanaging the company.
It seems before June 30 itself they had planned this out and most of the management sold their options for $1 and now entitled themselves for more then one million for leading Lone Pine to bankruptcy.
Only best thing is some OIL and Gas company like Chevron , Exxon or south Asian sees value and provides alternative bid. We should recommend the judge to get alternative bids from oil and gas companies.
Case no: 13-12487
Judge: Respected Judge Brendan Linehan Shannon
U.S. Bankruptcy Court
District of Delaware (Delaware)
Bankruptcy Petition #: 13-12487-BLS
824 North Market Street, 3rd Floor, Wilmington, Delaware 19801
Key points of Sep 26 BK filing from Lone Pine
As of June 30, 2013, the Debtors had total consolidated liabilities of
Approximately $424 million.
As of today, US$195 million aggregate principal amount of Senior Notes
remain outstanding. In the six months ended June 30, 2013, the Debtors used a portion of the
proceeds from non-core asset sales to repurchase US$5.0 million principal amount of Senior
Notes for US$4.6 million. Elected not to pay semi annual note interest of 10.1 million but reduced the note amount by 5 million.
Credit amount outstanding was 185 million on Aug 2 2013 and now it is 180 million which also got reduced but elected not to pay semi annual note interest of 10.1 million
Restructuring will cancel 100% of common stocks
Last date for submitting objection letter to the Lone Pine BK judge (case no 13-12487) is Oct 15 2013 by 4:00 pm Eastern Time zone.
Address for sending objection is Office of the Clerk of the Bankruptcy Court
824 North Market Street, 3rd Floor, Wilmington, Delaware 19801
There may be one investment fund who may be party to this litigation. This is total rip off
and I can set up conference call to discuss this out.
another note Lone pine conveniently did not mention any current asset value in their filling which is approximately 582 million as of June 30 2013.
Anybody interested in protecting their investment should send email at sashim at yahoo. I will send email conference call invite to genuine lone pine investors.
Website for submitting info: https://sites.google.com/site/lprbankrupctyinfo/home
Dead Money and the Shareholders get the dirty end of the stick yet again...good luck, michael
you are right there is tons of oil, this is total manipulation from management to get rid of debt issuing stock, using a bankruptcy reorganization; they acquired like 100000 acres just like a year ago and now they can not pay their obligations, does it make any sense to you?? no the answer this is a disgusting maneuver just to keep assets, reorganize the corporation only in favor of insiders, issue new stock for themselves and creditors , while reducing debt , for common stock holders totally unacceptable.
Can anybody tell me why this tanked so bad? I have a friend that lives near LPR office in Canada. They also informed me that there is tons of oil to be had in this area??? Will this bounce back?
a class action lawsuit might be coming soon, since the spin off this company has been a disgrace misfortune, acquiring lands in 1Q 2012 at the expense of current shareholders now trying to get rid of common stocks so then they "elect" not make a payment to intentionally provoke a bankruptcy, i wonder if the shares of insiders and management will be cancelled as they plan to do with common shares.
i think the right thing in this case would be to exchange old shares for new ones like AMR is planning to do, i mean AMR debt is excessive like 3 times their assets share value -24 still they are planing to exchange once the company emerges , another example GST gastar same percentage of debt producing more gas than oil still they are not in bankruptcy, something is rotten about LPR total manipulation from management.
New plan is not that good for debt holders
The new plan does not look that good for the note holders. While they are 'getting the whole company' in exchange for 75% of their debt of $195 million, they also put in another $100 million.
The company has had operating losses, so it looks like they are not even covering the cost of production.
Unless there is some big change coming with the reorganization, I think the senior note holders would have been better off just writing off their loan as a loss instead of putting in another $100 million.
Things look so bad from the June 30, 2013 quarterly report that it looks like unless the properties are worth 70% of their value on the books, the long term debt holders would lose also.
The $568 million in assets and equipment, I would question if they were even worth 50% of the value on the book since they are producing losses and do not seem about to 'turn around'.
Louis J. Desy Jr.
LouisDesyjr@gmail.com
Old shares are wiped out
Under the terms of the agreement, the old common shares will be cancelled. Debt holders will get new shares and there will be some new financing put into the company.
Louis J. Desy Jr.
LouisDesyjr@gmail.com
i think that if they plan to leave common stockholders with nothing cancelling their shares instead of transferring them to the "new stock" and then emerge from bankruptcy as like nothing happened then a law suit should be filed representing all share holders, the company is not planing to liquidate any assets and will emerge offering new stock to cover debt this is outrageous stealing.
any one knows if the old shares are going to be exchanged or transferred to the new ones after the reorganization? i tried to contact management today and sent a n email requesting additional information.
LPRI changed to LPRIQ: bankruptcy:
http://www.otcbb.com/asp/dailylist_detail.asp?d=09/25/2013&mkt_ctg=NON-OTCBB
thanks 'jbolan'--Stanner
Lone Pine Resources Announces Restructuring Agreement With Noteholders and Related Court Proceedings
http://ih.advfn.com/p.php?pid=nmona&article=59361969&xref=newsalerttweet
what do you mean?
Doesn't matter now, they just wiped out the Common.
halted on news release/BK or no BK ?
LPRI: FINRA halt:
http://www.otcbb.com/dynamic/marketwatch/mwsubhome.stm
Glad I didn't hold onto this one! Can't believe how much $LPR has gone down. Wonder if it would ever bounce back. Bottom fish here???
Mon, Sep 16, 2013 12:00 - Lone Pine Resources, Inc. (LPR: Grey Market) - Symbol Change - The symbol, LPR, is no longer a valid symbol for Lone Pine Resources, Inc.. As of Mon, Sep 16, 2013, the new trading symbol is LPRI. You may find a complete list of symbol changes at otcmarkets.com.
LPR delisted from NYSE to OTCQB: New ticker LPRI:
http://www.otcbb.com/asp/dailylist_detail.asp?d=09/13/2013&mkt_ctg=NON-OTCBB
Not looking good. I can't find any reason a catalyst would possibly make this a major gain bounce play. Your post pretty much sums it up imo. Glta!
Looks bankrupt to me
It has lost money every quarter for the last year, as of June 30th current assets are 25 million verse current liabilities of 197 million.
1: I do not see how they can restructure the debt. This company does not even have an operating profit. Every dollar of revenue loses them money.
2: I expect that their land, which can produce at a profit, is what secures the long term debt and will end up with the long term debt holders. The current liabilities look like they will be lucky to get 10% of what they are owed.
3: I expect that the shareholders are going to be wiped out. At best the long term debt holders will end up with the company, probably still operating at a loss.
4: I expect a bankruptcy filing any minute for LPR.
5: I had been watching this company for a while. If natural gas prices had not gone so low, they would have at least broken even, but with the big decline there is no way they can get out.
Louis J. Desy Jr.
LouisDesyjr@gmail.com
Watching this. Any thoughts, info on delist date? Possibly going bankrupt? Could bounce hard from here. Any major catalyst on the upside to trade on? Glta!
picked up a load today. won't hesitate to sell but looks pretty good as this price
That would do it. I have this on watch. Any new insights since this post? TIA
Looks good and I believe this might have the potential to really break the resistant levels!
Today's the beginning of a 4-day weekend, so it might not gain the strength it needs to hit high teens
Yep. If it hits 18s today and closes above 15
think she can do .30 by end of next week?
Matter of time, just like ECTY
It does look ready to pop.
In low .09s and out low .11s. Twenty percent gain in a day. Not too bad. Good luck to all still in.
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We are an independent oil and gas exploration, development, and production company with operations in Canada. Our reserves, producing properties and exploration prospects are located in the provinces of Alberta, British Columbia, and Quebec and the Northwest Territories. We were incorporated under the laws of the State of Delaware on September 30, 2010 and, until the completion of our initial public offering on June 1, 2011, we were a wholly owned subsidiary of Forest Oil Corporation. On September 30, 2011, Forest distributed to its stockholders all of the shares of common stock of Lone Pine it owned and, as a result, we became a stand-alone public company. As of December 31, 2012, we had approximately 188 Bcfe of estimated proved reserves, of which approximately 59% were oil and natural gas liquids and approximately 63% were classified as proved developed reserves. As of December 31, 2012, we had approximately 1.2 million gross (0.9 million net) acres of land (approximately 83% of which is undeveloped) and 147 gross (134 net) proved undeveloped drilling locations. Our common stock is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “LPR”.
We have a well-balanced portfolio of oil and gas properties, consisting of attractively priced light oil and low-risk natural gas resource plays, as well as significant undeveloped potential associated with two shale gas plays. Our primary area of focus is in the Western Canadian Sedimentary Basin, which includes our Evi area in the Peace River Arch and our Narraway/Ojay fields in the Deep Basin. In addition, we own significant acreage in the Utica Shale in Quebec and the Liard Basin in the Northwest Territories, which are shale gas prospects that we believe have significant future development potential.
As of December 31, 2012, we had approximately 82,015 net acres in and near the Evi field, located in the Peace River Arch area of northern Alberta. This position offers us a significant development opportunity for light oil. Through December 31, 2012, we have drilled a total of 103 horizontal wells in the Evi area since we entered the area in 2006. In 2012, we drilled 32 gross (28 net) horizontal wells in the Evi area. During 2012, we had average daily net sales volumes of 3,161 Bbls per day from production in the Evi area. We believe we can ultimately enhance production rates and recoveries in the Evi area through further development drilling, including further downspacing of our acreage, completion optimization and secondary recovery techniques, such as waterflooding. We intend to continue to expand our facilities in the Evi area to accommodate the growing crude oil volumes and continue to invest in our operated waterflood pilot project that we initiated in 2011.
As of December 31, 2012, we had approximately 120,329 net acres in the Narraway/Ojay fields, located in Alberta and British Columbia. We did not drill any new wells in the Narraway/Ojay area in 2012. From the fourth quarter of 2012, we have increased our net sales volumes from the Narraway/Ojay fields from 5 mmcf/d to 34 mmcf/d, with a peak rate of approximately 50 mmcf/d achieved in September 2009. Geologically, these fields have a minimum of ten different stacked producing intervals, and we are able to produce from multiple intervals within an individual wellbore. We currently have no significant near term expiries or drilling obligations in the Narraway/Ojay area, which has allowed us to be flexible with capital allocation and defer significant natural gas investment until natural gas prices improve.
As of December 31, 2012, we had approximately 240,320 net acres in Quebec that are prospective for the Utica Shale. Natural gas produced from this area is in close proximity to major markets in Canada and the northeastern United States, which historically has provided for premium product pricing compared to the NYMEX Henry Hub pricing. The Utica Shale is relatively shallow compared to other shale plays in North America, which we believe will provide for an economic advantage relative to the drilling costs associated with developing the resource.
As of December 31, 2011, we had approximately 52,995 net acres in the Liard Basin located in the Northwest Territories that are prospective for the Muskwa Shale. This is a newly developing natural gas shale play adjacent to the producing Horn River Basin. We believe that our acreage in the Liard Basin is analogous to the Muskwa Shale in the Horn River Basin. Our acreage is located in close proximity to a pipeline in the Northwest Territories providing for the sale and distribution of any natural gas produced. In the third and fourth quarters of 2011, we re-entered and recompleted a well in the Liard Basin, and in February 2012, we submitted an application to the National Energy Board for a commercial discovery declaration that we believe could potentially lead to the continuation of our lease in the area for up to an additional 21 years.
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