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its not chapter 7, its chapter 11. Sabine Oil is still in operation.
Can you give the link to ch7 confirmation? MTIA
Well its confirmed chapter 7. Sabine oil failed. Oil prices sloped to far and will drop below $40 a barrel
$$$$$$ BAMMMMMMMMMMM$$$
Yup just a waiting game for peeps to be convinced no more selling under 3 I guess.
But I'm thinking we'll have a nhod by eod
They're about to and chart is clear for a few more pennies. About $50k worth volume friday and most holding thus far it appears
Need the 3's to break, but support levels here are strong. Anyone got any reason why this is going higher?
Looks like it breaking out.
Going to pick some up soon.
Looking good for the .03 break confirmed support above .024 previous resistance
From what I read on Seeking Alpha, https://secure.seekingalpha.com/pro/checkout/2378785?notice=pro
it don't seem so. They were both in bad condition before the start.
They only got in this shape due to Forest oil but that they fully expect to be out of this mess in 3 years.I think this will pay off huge.This is a company from in my area and they are no fluke...
I"d be willing to bet before the shares get canclled he'll get his bounce..I've seen it happen a million times, the company is worth way more that .0225 a share.
Haaaaa
Delusional.
FYI...
Insiders don't jump overboard like rats fleeing a sinking ship if the company is up for sale and a payout is coming.
Read your latest 8K. They've got execs bailing.
This BK was the plan all along. They'd use Lazard to try to get creditors and debt holders to come to the table and ease their debt burden...and if they couldn't, they'd file BK and reduce their debt that way.
Since they're in BK, the shares will be cancelled.
Anything you're holding in terms of common shares? Yeah....they stand a real risk of a 06:30 SEC filing one morning informing you the shares have been cancelled.
Next time you want to trade a stock and have pie in the sky day dreams about a bounce... Try to not buy a stock where the shares could get cancelled any day.
Thanks for playing.
LOL hush,,, bounce? how bout a mouse step LOL
Weeeee!!' BOUNCE COMING
In court papers, the company listed assets of about $2.5 billion and total liabilities of $2.9 billion, including $1.15 billion in unsecured debt.
Sabine owes $1 billion to a group of lenders led by Wells Fargo Bank, while lenders led by Bank of America are owed $700 million in second-lien debt. Sabine also owes $350 million under unsecured notes due in 2017, $577 million in notes due 2019 and about $222 million in notes due 2020.
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Last month, Sabine missed a $21 million interest payment on its senior bonds and decided to exercise a 30-day grace period while it negotiated with creditors. That grace period expired Wednesday. Sabine had missed another interest payment on its second-lien loan in April.
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Last year, Sabine combined with Forest Oil Corp. in an all-stock transaction that gave Sabine investors a 73.5% stake in the combined company. It is currently involved in litigation related to that acquisition, which could complicate its path through bankruptcy.
The Houston-based company explores and develops onshore oil and gas properties in Texas and Louisiana. The company operates or has interests in more than 2,000 production sites and employs 165 full-time workers, court papers show.
Sabine said it expects to keep its doors open while in bankruptcy, supported by existing cash and revenue from ongoing operations. The company, which will make it first appearance in bankruptcy court Thursday, has already asked Judge Shelley Chapman for permission to continue to access its bank accounts, pay employees and otherwise maintain its routine operations.
I think you mean OAML
OFF AZZ MY LAUGH
HEHEHE
not bashing, just giving my input...
good luck bubba...
BASH BASH BASH it your best LMAO
$SOGCQ 475 mil annual revenue. They will take care of their debt. No worries
http://amigobulls.com/stocks/SOGCQ/income-statement/annual
PUMP PUMP PUMP IT UP LOL
Lmao. Nite selling to himself trying to induce a sell off. I'm not in kindergarten re re
Bout $34,000 loaded today
The load for the run started today no question.
Oh my. Did you see ARCA on top bid loading?
Watch and learn
Easy money here
SOGCQ was NYSE listed
10m float
par value .10 recently
judge approved debt restructuring and they have the shares available to take care of that.
yea sure it is LOL
Bounce starts today. This is money in the bank. No Brainer
yes I know... LOL thats what I mean LOL
Oh just watching,,, btw forest oil got the best of them in the deal....
its just my opinion, but i don't see this being bought out. and most companies once filing chapter 11 never remover to their original state. but good luck to you brother... no buy out or takeover in the cards,, that merger with that forest oil or whatever the company was, basically lead them to this demise I'm thinking.
Careful what you tell people, everything has value . I have seen these things bounce huge once there is a buy out or take over. I'm not saying this one will and I'm not disputing what you have said but I will be watching to buy at the right time. .0185x.02 is terribly cheap for the accesses this company has. as always omho
if you have shares of this, it is suggested you sell it before your whole investment decreases to 0 or close to it... if you have a brokerage account, its as simple as 1 2 3 LOL..... most companies do not recover from chapter 11 and if they do the stocks are still valued really low.
But who will buy it if there is no hope of return?
Yes, and who reads this should follow suit
Oh by the way.
Lazard (the firm they hired to walk them through this process knew that they can screw existing shareholders because there is never any real consequence....I so wish I had their corporate office address)
So I hope that Lazard is named in the lawsuit...
A blue collar jury would hit them hard.
Best of luck.
Well...
Here's the truth.
Your stock isn't worthless, yet.
It soon will be.
When they exit BK, they will wipe out existing stock.
Assuming they remain a public company, they will reissue stock. Unfortunately, when they wipe out existing shares, current shareholders will have zero right to the new shares. (It's complicated, but they take the capital from SOGC old shares and use it all, then when that balance is at zero, they reissue new shares...leaving old SOGC Shareholders out....sorry)
Your best bet at any recovery is to sell your current shares, at a loss. Book the loss and when the shareholder lawsuit paperwork comes in the mail, fill it out, join the class action lawsuit, and when it's settled you will receive a portion (pennies on the dollar) of your investment. Don't worry, they will screw the new investors in the new shares to raise the capital needed to pay off the lawsuit claim.
Neat right?
SOGC has misled shareholders. I've no doubt that they did this on purpose and wholly knowing that misleading shareholders would give them additional capital.
Basically... They stole from you.
You can also choose to hold, not sell, and wait until the stock is discontinued. Then you'll have a 100% loss.
There is zero case for an argument saying "maybe they'll continue the shares and maybe they'll get bought out or maybe the stock will recover".
The company has more debt than assets so any purchaser can buy the company by assuming the debt....zero benefit for shareholders.
The stock won't recover because there is zero catalyst to recover.
They've filed BK. it's all over but the crying.
Take care.
no its not worthless yet because its still trading at like a little over 2 cents
So what does that mean our stock is worthless?
Sabine Files Bankruptcy in New York as Oil Prices Fall
by Linda SandlerDouglas Wong
July 15, 2015 — 5:05 AM EDT Updated on July 15, 2015 — 11:36 AM EDT
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