Sabine Oil and Gas Corp fka SOGCQ

[Renee]

SOGCQ: BK PLAN effective. All shares cancelled:

http://otce.finra.org/DLDeletions

[Nellafom]

has anyone heard if the POR confirmation has been made?

[Nellafom]

has anyone heard if the POR confirmation has been made?

[DocLevi]

Intraday chart up to .017 Is Sabine holders getting more than announced?

[DocLevi]

This was kind of a clue that lawyers took most of the available capital (or judge kept total early failure). And those at .01 or lower got their money back today if they sold at .01...

Oil up today and NG. So perhaps asset value went up of someone to think it may last longer?

[kpisme]

Your OPINION is all that it is an OPINION.
NOT Gospel, NOT A Certainity and certainly in MY opinion WORTH the PRICE OF ONE SHARE.

BLAH BLAH BLAH, who cares, who believes you, NOT ME.

[kpisme]

Yes I can read and I don't sweat the loss as it is already price of about a Happy Meal at McDonalds: unlike you who sounds like he puts his WHOLE bankroll and is scrambling to jump ship OR you are a SHORT who continues to pounce on what he considers to be a wounded duck.

"the Company believes that it is highly likely that the shares of its existing common stock will be cancelled in its Chapter 11 proceedings and will be entitled to a limited recovery, if any. "

I say I can take a chance of the lottery, since my Dollar is already spent.

If it goes to zero, I WRITE OFF the Dollar SO WHAT!!!!!!

CRY IN YOUR MILK SOMEWHERE ELSE!

[moneym8ker]

Okay...

Maybe you've misunderstood.

Here is what SOGC said about their stock:

"We have too much debt. To be clear; we have so much debt that is senior to our shares that it is likely our common stock will be cancelled during our bankruptcy. Further, any person holding SOGC common stock will see limited, if any, compensation for their lost investment. Lastly, we have written huge bonuses for us, and judge Chapman signed off on them in December of 2015. These bonuses are worth more than our personal SOGC stock so we are happy and we aren't at all sorry we've screwed shareholders"


Pretty much a direct quote from their latest filing.



Now, here is a copy and paste quote from their latest SEC filing, enjoy;

"The Company has a significant amount of indebtedness that is senior to its existing common stock in its capital structure. As a result, the Company believes that it is highly likely that the shares of its existing common stock will be cancelled in its Chapter 11 proceedings and will be entitled to a limited recovery, if any. Additionally, as a result of the filing of the Bankruptcy Petitions, the Company’s common stock can no longer be traded on the OTCQB Marketplace and is now trading on the OTC Pink Marketplace."



Feel free to keep holding. You'll wake up soon seeing your shares have been cancelled.

Do you know what that means?

Do you know what "shares have been cancelled" means ?

Go take your bank account balance...today...you have say, $10,000 dollars in it and are happy.

Now,

Wake up tomorrow and see that your account balance of $10,000 is all gone and your bank says "sorry...we told you we were going to take your money so it's legal and your money is gone forever and it's ours forever and there's nothing you can do."


Insert your happy face here.

[kpisme]

No worries, it will be in good company as several others follow the line.

LNCO was thought to be dead, look at it, up also today.

Weird things happens, you were born and not hatched, AMAZING.

Staying till the end or it goes GOLDEN.

I play the lottery too.

[moneym8ker]

I guess you're right...

The other day, this BK, soon to be cancelled stock closed green.

Since then, this BK, soon to be cancelled stock has lost nearly 40% of its value.

So, I guess you're right. Someone does in fact know what someone else does not.


Fun trivia time:

Who's gonna wake up one day and try to find what SOGCQ stock is doing, only to find out the "the ticker no longer exists, all their invested money is gone, and they'll get a letter in a year or so explaining how they can receive fractions of a penny on every dollar they lost?

Answer:

You!

Insert smiley face here

[kpisme]

A worthless company ends the day up, GREEN 9%. I guess someone knows what someone else does not.

:)

[Captain Black Bob Blanco]

Latium Group in Talks About Emerald Oil Bid
Dow Jones Newswires

March 23, 2016 12:15 ET (16:15 GMT)
Sabine Oil & Gas Corporation (USOTC:SOGCQ)

British businessman and rugby club owner Brian Kennedy's Latium Group is in talks about leading the bidding at a bankruptcy auction of Emerald Oil Inc., which develops oil and gas wells in North Dakota.

Emerald filed for chapter 11 protection Tuesday night, the latest in a long string of oil and gas companies to crumble in the face of low oil prices. Court papers say Latium Group and Emerald signed a nonbinding term sheet for a deal that could set the pace for a bankruptcy competition over the business. Mr. Kennedy has bought, sold and operated businesses in the energy and home improvements sectors, among others, and owns the Sale Sharks Rugby Union Club.

"The Latium transaction would allow the business to continue to operate and would provide a sound path for potential recovery for company stakeholders," McAndrew Rudisill, president and chief executive, said in a release.

A representative of Mr. Kennedy couldn't immediately be reached to discussion the potential deal.

Existing lenders that have offered to finance Emerald Oil's bankruptcy are demanding that the business be sold by July 22, court papers say.

Based in Denver, the independent exploration and production company acquires acreage and develops wells in the Williston Basin of North Dakota.

Only about a quarter of the rigs in the once-booming area are operating today compared with a year ago, according to a filing by Emerald chief financial officer Ryan Smith.

In court papers, Emerald blamed its financial woes on the same steep decline in oil and gas prices that meant bankruptcy for, among others, Magnum Hunter Resources Corp., Swift Energy Co., American Eagle Energy Corp., Quicksilver Resources Inc., Saratoga Resources Inc., Sabine Oil & Gas Corp., Energy and Exploration Partners LLC and Samson Resources Corp.

The commodity price drop not only slashed revenues from oil and gas that was produced, but it also chopped into the value of reserves, particularly undeveloped reserves. Those losses put the debt and equity capital markets out of reach for Emerald. By the middle of January, Emerald was out of time to negotiate an out-of-court restructuring with leading creditors, court papers say.

It filed for bankruptcy protection "rather than remaining under the constant threat of impending creditor remedies while hoping for an immediate turnaround in both the global commodities and capital markets," Mr. Smith, the CFO, wrote in a filing with the U.S. Bankruptcy Court in Wilmington, Del.

As of Dec. 31, 2015, Emerald estimated its assets were worth about $291 million, a figure that includes only $28 million in current assets, Mr. Smith wrote in an affidavit. Liabilities add up to about $337 million, including funded debt of about $260.5 million.

Emerald owes about $111 million on bank loans and is carrying about $148.5 million in bond debt, court papers say. The company also has nearly $5 million worth of responsibility for closing off shut down operations to avoid environmental damage, according to court papers.

Patrick Fitzgerald contributed to this article.

Write to Peg Brickley at [e-mail]




Copyright (c) 2016 Dow Jones & Company, Inc.
More SOGCQ Messages

[moneym8ker]

********WARNING TO ALL CURRENT SHAREHOLDERS AND TO ANY PERSON INTERESTED IN PURCHASING SHARES OF SOGCQ*****
The following IS A DIRECT QUOTE FROM THE 10K FILED WITH THE SEC TODAY:

"The Company has a significant amount of indebtedness that is senior to its existing common stock in its capital structure. As a result, the Company believes that it is highly likely that the shares of its existing common stock will be cancelled in its Chapter 11 proceedings and will be entitled to a limited recovery, if any. Additionally, as a result of the filing of the Bankruptcy Petitions, the Company’s common stock can no longer be traded on the OTCQB Marketplace and is now trading on the OTC Pink Marketplace."

Get out of this stock BEFORE THEY CANCEL YOUR SHARES!

THIS COMPANY IS ABSOLUTELY GOING TO €%#K SHAREHOLDERS!

Last year, all of the upper management team distributed MILLIONS IN BONUSES THAT THEY WROTE FOR THEMSELVES KNOWING THEY WERE BK! They were awarded those bonuses despite KNOWING that they're going to %#*k shareholders.

It's coming. Keep your shares and turn a blind eye if you wish, but these guys wrote it in black and white in their 10K.

Your shares are cancelled, you just haven't gotten the notice yet.

The EFFING SELFISH management here...the incestuous husband/wife, family leading SOGC who all wrote themselves bonuses, should all be shot. I for one hope they get what's coming to them. They cry about being so deep in debt, but WROTE THEMSELVES GOLDEN PARACHUTE BONUSES AT SHAREHOLDERS EXPENSE AND DESERVE TO DIE OF CANCER OR AT THE HANDS OF A LYNCH MOB!

[moneym8ker]

Hey Doc,

I wish it was a sign of life...but it isn't.

There simply isn't a reason to keep holding short. Anyone prescient enough to short this stock was right, and it's doubtful they shorted it to below a penny, so they may as well close the position because even as the shares drop further, there isn't that much more profit to be had.


SOGC began a hearing three weeks ago. The hearing was scheduled to take a week. I figure updates are well past due, and check the DJ BK court news daily just to see if any updates regarding the hearing between secured and unsecured creditors are available.

In my most honest opinion, longs who've stayed loyal to SOGC and held all the way down to these levels will never recover. It is my opinion that anyone holding this stock who bought as low as $0.01 won't recover.
It is my opinion that SOGC common share holders will see their shares cancelled by the time SOGC emerges from bankruptcy.


To anyone reading this, I'm not trying to get you to sell. I understand the mentality and reality of "lost it all already, may as well hold and see it through" and that's fine with me. I've traded SOGC plenty of times and really have had high hopes for them through the BK process...I think me and others saw the BK writing on the wall and traded it accordingly.

All that said, I'm sticking to the plan I've mused about publicly in here:
1.) wait til this stock falls into the $0.000X pricing range.
2.) Buy cautiously as news/risk v. reward allow.
3.) Sell any price pop
4.) Not buy so much that it'll hurt too bad if the shares are cancelled without enough warning to sell for a minimal loss.

Trade well.

[DocLevi]

So is a 5% fall in short interest a sign of life?
"SABINE OIL & GAS CORPORATION (OTCMKTS:SOGCQ) Sellers ...
fdanewsalert.com? - 22 hours ago
The stock of SABINE OIL & GAS CORPORATION (OTCMKTS:SOGCQ) registered a decrease of 5.83% in short interest. SOGCQ's total short interest was 1.68M ..."

others:
"Sabine Oil & Gas Kicks Off Trial Over Merger
Tom Corrigan
February 08, 2016
(c) 2016 Dow Jones & Company, Inc.
Sabine Oil & Gas Corp .'s failed merger with Forest Oil Corp . took center stage Monday at a bankruptcy-court trial that is likely to determine the future direction of its chapter 11 case.
Sabine and its creditors sparred over the merger and Sabine's subsequent plan to restructure nearly $3 billion in debt, a strategy that junior creditors say is designed to shortchange them....
To continue reading this story login at the top right or try the product
Document DJFDBR0120160208ec28p16ln" http://bankruptcynews.dowjones.com/Article?an=DJFDBR0120160208ec28p16ln&cid=32135012&ctype=ts&pid=310&ReturnUrl=http%3a%2f%2fbankruptcynews.dowjones.com%2fArticle%3fan%3dDJFDBR0120160208ec28p16ln%26cid%3d32135012%26ctype%3dts%26pid%3d310
"Privately held, Houston-based exploration and production companySabine Oil & Gas Corp. (“Sabine”) drilled into the No. 8 spot on the Top 10 List for 2015 when it filed for chapter 11 protection on July 15, 2015, in the Southern District of New York with $2.4 billion in assets against $2.9 billion in debt. Like many of its competitors, Sabine has been hamstrung by a combination of cratering oil prices, low natural gas prices, and substantial debt. It has been negotiating with creditors since March 2015 to restructure its obligations, so far without success." http://www.lexology.com/library/detail.aspx?g=b24af30c-59c6-43c6-ba1f-30b886a463fa

[moneym8ker]

That's all you can do.

In all honesty... It is taking a great deal of self control to not buy this right now.

The thing is this... I've seen other companies in this industry SOAR on news of exiting BK.
I've seen companies exit BK and keep shareholders intact and you know what happens?
As soon as they exit BK they get a ton of upgrades because now all of the sudden their balance sheet is cleaned up and the stock SOARS.

What I've seen is indicators. You know... The usual volume spikes, slow and steady share price accretion... And then BOOM! The stock takes off.

Usually, the stock soars...hundreds of percents... Then it finally falls off and the reality of the energy market sets in and the stock falls to new, post BK lows.


Here's the problem with SOGC.


There has been none of that.

There's been no buying. The volume stinks. The share price is sinking towards new lows...and there is a general disinterest.

Why?

Because management isn't doing anything transparently. Nobody knows if the stock will remain intact (I highly doubt it will) and so no one... I mean NO ONE is willing to buy.

You see... It's simple... SOGC has issued a BK exit strategy that literally says debt holders will receive 93% equity in the company.

SOGC, being an equity based, publicly traded company, should see those debt holders buying up their stock IF THEY KNEW that the stock was going to remain intact after the BK exit.

Since we aren't seeing any buying... It stands to reason that they actually know the exact opposite: the stock will be cancelled and new shares will be issued. Hence, why buy this stock that will be worthless when you automatically get your share of 93% of the equity in newly minted shares.


So here's the F U :

SOGC SHOULD AT LEAST let current shareholders know. It's BS that they're keeping moms and pops who pinned their retirement on investing in SOGC in the dark.

Bleh...
Oh well...

[JohnnyBlaze]

Just watching for now

[moneym8ker]

Well,

I believe that the stock price will continue lower.

Sabines exit strategy is very bad news for anyone holding the stock right now.

If your plan is to hold through the re-emergence, you'll be wiped out.

My strategy is to let it keep falling..probably very near $0.0001.

I'll buy then, hoping news in March and April cause "value seekers" to step in.
I also believe that creditor insiders may try to take the stock higher towards the end of the exit strategy period IF they think they can sell those shares, leaving more bag holders broke ahead of the cancellation of current shares.

I don't think $0.10 is out of the question...but do the math. If this continues to drop as any and all institutions still holding this POS sell, and it heads to $0.0001 as I think it will, then $.10 is a pretty big ROE.

Make no mistake. This stock will be cancelled.

Follow the money here. They announce plans to exit BK and the stock just keeps dropping. Nearly 2 million shares today alone. That ain't mom and pop dumping their 1000 shares. That's institutions who know its headed South caving in.

If you follow the money, you won't get hurt. When this drops below $0.0010 I'm going to start buying... Not big at first because I believe it'll fall to $0.0001 and I'll go big at $0.0002.
Lol..not too big because I also believe that as the stock gets pumped by volume and price alerts, it'll also become more and more illiquid with enormous (percentage wise) gaps between bid and ask.

Just my two cents.

[JohnnyBlaze]

Share price that is

[JohnnyBlaze]

What is your prediction

[moneym8ker]

Sabine submitted Bankruptcy Exit plan today.

Lol! Creditors are going to get 93% equity stake...leaving nothing for current shareholders.

Current shareholders should plan a quick "fare thee well" party for each other and get ready to kiss their shares goodbye between now and late May-early June.

Can't wait to see how this affects the stock over the next few weeks...should be interesting to watch creditors step in and start biting to manipulate the share price higher so they can reap the rewards they've stolen from shareholders of old.

Good luck.

[moneym8ker]

LOL!

I take it by this mornings stock price, and volume action on SOGCQ that everyone got their court docs for this poorly ran boondoggle.

Hey Sabine?!?

You guys can all suck it! Thanks for making sure you got your bonuses before Christmas while totally
f@ck!&g the people you conned into investing with you.

I personally hope you all die of the worst cancers out there.

Merry Christmas

[moneym8ker]

LMFAO!

So?!? Sabine fought to keep performance bonuses ($9 million for 10 top execs, and 150 rank and file employees) in court and Judge Chapman approved.

BASED ON WHAT PERFORMANCE?!?!

They've absolutely screwed shareholders and look at their latest 10Q!
It's in the top 10 worst 10Q's in THE ENTIRE COMPANY HISTORY!

I'm sitting in absolute disgust of Sabine Management. Never have I ever seen such a disgusting group who line their own pockets with undeserved bonus packages while outwardly and purposefully screwing the "moms and pops" out their they conned into investing.

Now...bonus in hand, the BK proceedings will be pushed off til next year, shareholders left in the cold but all those execs get to divvy up $9 MILLION DOLLARS so they can have a very merry Christmas. Just like Randolph and Mortimer Duke.

I hope they get what's coming to them. I wish them ill will.

[DocLevi]

Defibrillator working?... http://www.streetinsider.com/Corporate+News/Flotek+Industries+(FTK)+Issues+Update+on+FracMax+Development%3B+Appoints+Independent+Verification+Team/11056535.html

"Moreover, Sabine Oil & Gas – the operator of three of the wells in question – continues to use CnF® on its completions, an indication that Sabine's internal data show compelling benefits from the use of Flotek's Complex nano-Fluids® suite of completion chemistries."

[DocLevi]

I don't know what happens on them going back to without Forest if those dumb bondholders want to keep listening to their lawyers nonsense as they implied Sabine was willing to backout... if they took control they could leave Forest bondholders private and they remain public including all the new drills while partnered and as things go in bankruptcy buy assets from Forest if Judge allowed... that's just on the two little snips of info and imagination with knowledge of other news articles for a couple of score years... That's what I was wondering... as how is could it work since newer shareholders bought Sabine (49%) partnership with Forest (51%)

Those bondholders would still be getting their payments if they hadn't gone to lawyers, now they owe lawyers (? not if bankruptcy judge been stealing capital)... really out of the folder case here...

[moneym8ker]

Sabine did not "seize" control...
They've simply filed a motion to take control.

It crap that they can file to take control of the debt reorg, but can't convey a single message to shareholders that they've utterly crushed.

I feel bad for investors who've lost 99% of their investment and SOGC has utterly ignored.

What this stock needs is to rally some activist burned investors and give SOGC an eye for an eye.

[DocLevi]

How Sabine Oil Seized Control Of Bankruptcy Litigation

Law360, New York (November 6, 2015, 10:37 AM ET) -- Sabine Oil & Gas Corp. recently filed for bankruptcy. As is typical, on the first day of the bankruptcy cases, the debtors filed motions allowing them to operate their businesses under court supervision. What is not typical is what they also filed on the first day — a lawsuit against the lenders that provided Sabine’s $700 million second-lien loan facility.

That lawsuit seeks to avoid liens granted to those lenders, in effect partially unwinding a merger consummated by Sabine only eight months prior to the bankruptcy...
http://www.law360.com/articles/723852/how-sabine-oil-seized-control-of-bankruptcy-litigation

[DocLevi]

Judge Sounds Alarm On Ballooning Fees In Sabine Bankruptcy
By Jonathan Randles

Law360, New York (October 30, 2015, 8:52 PM ET) -- A New York bankruptcy judge on Friday pleaded with attorneys representing Sabine Oil & Gas Corp. and its creditors to reign in the fees that have been charged over the first two months of the company's Chapter 11, saying the costs are significant and not sustainable.

During a hearing in Manhattan, U.S. Bankruptcy Judge Shelley Chapman urged attorneys to get “leaner not meaner” after counsel for the debtor and its stakeholders bickered over costs related to an investigation of Sabine's ill-fated tie up Forest Oil Corp... http://www.law360.com/articles/721402/judge-sounds-alarm-on-ballooning-fees-in-sabine-bankruptcy

[kpisme]

Both Forest and Sabine had loads of debts. They brought each other down instead of making it better.

I wonder if the common stock will be able to hold thru this Chapter 11 and come out on the other side profitable?

Looks like some think not and are bailing.

Me I will hold my small position till it craters or flys.

[DocLevi]

This area is where they found major oil below very hard deep rock. They were able to drill through that rock only by fracking the rock with chemicals in a very expensive drill. It was thought that oil had to be above $85/barrel in order to develop the area. (its just off the Midland Basin http://www.caddominerals.com/sell-oil-gas-mineral-rights-permian-basin-texas.aspx (see just to the East).

So does China not know about the movement in the USA to end chemical fracturing or (an and/or, or) they must think oil prices are about to explode back into the triple digits....

Also, during this time deep drilling just north of Synder Texas was causing earthquakes (maybe similar to Oklahoma's fracking quakes and Dallas/Fort Worth) which is in NE of this Big Spring (city) area counties that China invested in.

4'ish years ago they (Chinese) heavily invested in a deal with Chesapeake ($CHK) with some odd billion dollars (like 3 if memory isn't blurred) for Eagleford play.

[kpisme]

Could we be next?

http://www.palmbeachpost.com/ap/ap/texas/chinese-investment-company-to-buy-texas-oil-fields/nn84H/

[DocLevi]

But in this case its the bondholders (is it not?) that caused them to go to bankruptcy because of the cause of a buyout they could ask for a buyout but they didn't buyout they took 49.9% and changed name to reflect the new partnership of the previous private Sabine Oil with the debt ridden public company Forest Oil.

Again the SEC should send Sabine officials to jail (or the Bankruptcy Judge) if they do away with common shares as they've know from the get-go that Forest had too much debt and even afterwards in the press release kept telling us they were looking out for shareholders interests. They can and did make the bond payments. It was the BS pay me now greed that (lawyers that told them they could - shit maybe the lawyers should go to jail) got Sabine into forced bankruptcy to avoid troubles with bond group.

The fact that they hired a firm the specializes in bankruptcy and then told us they were looking out for our interests proves they should be charged with securities fraud if they do away with commons....

[GreenMarine]

Thats what they told me about American Airlines stock when I bought it at 3.60 a share and so I sold at 6.00 and made a good return... right before it went to nearly 50.00.
Meanwhile SOGCQ continues to rise.

[moneym8ker]

Semper Fi...

I'd love to see this company take care of its EXISTING shareholders but the reality of bankruptcy is that shareholders are last in line with their hands out. Last in line and often leave empty handed.

Will the market correct? Energy prices higher?
Yes, and I say that with certainty, am long energy.

The energy market will correct as we move towards a wet winter but it won't take existing SOGCQ shareholders with it.

SOGC will exit BK and thrive once their balance sheet shows improved debt structures.

If they remain publicly traded, they'll issue new shares BUT MUST cancel existing shares to do so.

Will existing shareholders be offered new shares? It's probable...BUT if one new share is valued at a dollar... Then it'd take 50 of your shares to equal ONE new share and THATS ASSUMING you're offered face value for the shares you're holding (not probable).

Hope they announce an exit and before the details come out that the share price surges and sell.

That's what I'm waiting for...but I have a super low cost basis so I only need a few percent to break even and any real share price rally will make me some good money before I sell.

[GreenMarine]

My parents had a little farm in the middle of this area where this company is invested. I know a lot about the area and the people and I believe 92.5% in that this company will not be allowed to fail. When the market for oil and natural gas comes back, I believe this company will as well and the stock is going back to it's past highs. Could I be wrong? Sure but I doubt it. Semper Fi!

[stayfocused]

It certainly seems to be 'suggesting' that but it could also be an incentive to share holders to remain 'friendly' during the restructuring. In short I don't know. To be honest I made a suicide buy at .02 for 10k shares so if I lose 200 bucks I'll just take it on the chin and move on. JMHO

[DocLevi]

Are commons dead now? http://www.law360.com/articles/703811/sabine-oil-gets-green-light-to-tap-into-cash-collateral

....Sabine argued in court papers that it needs to utilize its cash collateral and other disputed funds to help the company ease its liquidity problems. In exchange for going along with its request, Sabine offered secured lenders a variety of protections, including superpriority claims, and senior liens tied to the restructuring to its second lien note holders....

Maybe in response to

....The committee said it plans to probe the Forest Oil deal because Sabine’s lawsuit only partly addressed the giveaways. Senior lenders might have to give up some liens, it said....
http://www.bloomberg.com/news/articles/2015-08-24/aurelius-farallon-take-aim-at-sabine-oil-s-senior-lenders