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SOGC: effective July 16,2015 SOGC will change to SOGCQ, bankruptcy:
http://otce.finra.org/DLSymbolNameChanges
Filed Chapter 11
https://cases.primeclerk.com/sabine/
hmmm interesting... its surely standing still....with a extension due payment set for 7/15 lol
March numbers look good in Texas for production for what its worth, heres the last 3 years:
Operator Name: SABINE OIL & GAS LLC, Operator No: 742142
Statewide Statewide
Date.........Oil (BBL)...Casinghead (MCF)...GW Gas (MCF)...Condensate (BBL)
Mar 2013.....45,783...........192,435.............4,141,766.............45,057
Mar 2014.....92,791...........536,325.............7,072,578.............180,193
Mar 2015...140,859............838,197.............6,106,386.............159,390
yep and they just may default on their july 15 date.....
They are still drilling.
They've stated repeatedly that these talks with creditors do not affect day to day operations, and they've claimed some $280 million in cash reserves.
Continued drilling and cash reserves are meaningless to the common shareholder if they don't pay their debts like grownup and instead opt for default/bankruptcy.
well that is good.. LOL hopefully they wont default on this 7/15 grace period LOL omg
They are still actively drilling...
http://www.tylerpaper.com/TP-Drilling+Report/221111/oil-and-gas-drilling-report-june-21
http://www.tylerpaper.com/TP-Drilling+Report/220778/drilling-report-for-june-14
http://amarillo.com/news/2015-06-06/oil-and-gas-report
http://www.tylerpaper.com/TP-Drilling+Report/220497/oil-and-gas-drilling-report-june-7
Sabine Oil & Gas, Lenders Amend Forbearance Agreement
July 02, 2015, 07:27 AM
Filed Under: Energy
Related: Forbearance Agreement, Revolving Credit
Sabine Oil & Gas Corporation announced that on June 30, 2015, it signed an amendment to its previously announced forbearance agreement with the lenders under its revolving credit facility. The amended forbearance agreement will provide the company with additional flexibility as it continues discussions with its creditors and their respective professionals regarding the company's debt and capital structure.
Pursuant to the amendment to the forbearance agreement, the lenders under the revolving credit facility have agreed to forbear from exercising remedies until the earlier of (i) certain events of default under the forbearance agreement or revolving credit facility, (ii) the acceleration or exercise of remedies by any other lender or creditor and (iii) July 15, 2015 (the "Forbearance Period"), with respect to the company's currently existing events of default under the revolving credit facility. In exchange for agreeing to forbear, the company has agreed during the Forbearance Period to (i) further limit its ability to sell assets, (ii) undertake efforts to appoint a chief restructuring officer, (iii) implement procedures to segregate the proceeds of collateral under the revolving credit facility and (iv) pay a forbearance fee equal to $500,000.
As previously announced, Sabine has retained financial advisors, Lazard, and legal advisors, Kirkland & Ellis LLP, to advise management and the board of directors on strategic alternatives related to its capital structure. Sabine believes it is in the best interests of its stakeholders to actively address the company's debt and capital structure and is continuing discussions with its creditors and their respective professionals. As previously reported, as of May 8, 2015, the company had a cash balance of approximately $276.9 million, which provides substantial liquidity to fund its current operations. The company is continuing to pay suppliers and other trade creditors in the ordinary course.
Additional information about the amendment to the forbearance agreement can be viewed here.
Sabine Oil & Gas Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. Sabine's current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, the Granite Wash in the Texas Panhandle and the North Louisiana Haynesville.
Is this another Bankrupt company coming to kill our investment LOL
and does interest still accrue during grace periods for all loans?
was due on 6/15/2015 .. grace period ends on 7/15/2015
http://investors.sabineoil.com/phoenix.zhtml?c=92251&p=irol-newsArticle&ID=2059167
So?
June has come and gone and the retarded wizards over at Sabine have missed yet another interest payment.
There is no honor at Sabine.
They're lucky this isn't China...they'd be executed for stock fraud.
With an investor base as deep as SOGC's I wouldn't be surprised if some ripped off investor took matters into their own hands.
Sooooo
What you'll be seeing next out of SOGC AQ (no longer"HQ" Headquarters...it's now officially AC, assquarters) is a bankruptcy protection press release.
Lizard has taken their money and guided them right to bankruptcy...
Saw it coming...warned readers...Lizard is nothing more than a "payday advance" company who charges millions for nothing.
BK is next.
come on SOGC don't sink into the quick sand.... how about some of that 52 week high action LOL
I could care less what he's using the money for...
The point is that they registered to become a publicly traded company and that registry has conditions...
One of those conditions is to operate in the best interest of your investors.
It's called Fiduciary Responsibility.
Once they deviate from that condition a new parameter comes into play...it's known as Normalization of Deviance...
Where "zero tolerance for deviation" becomes "1% of deviation is tolerated", and then "2% of deviation is tolerated", then "10% of deviation is normal and tolerated", until finally, it's expanded to the point where 100% deviation, also known as tragedy, is acceptable....
And that is where SOGC shareholders are now...
They are forced to accept that deviation from normalcy is now the normal. In fact, it'd be utterly shocking for shareholders to actually see the company operate 100% within the confines of a publicly traded company because they've been in a state of deviation from normalcy for so long, it'd shock them to return to normalcy.
Widely held, widely traded companies do not behave the way SOGC is behaving.
They report timely, actionable information to shareholders.
SOGC?
Well... If they actually reported a timely, actionable event...I'd probably fall out of my chair.
Welcome to the Normalcy of Deviation...AKA : SOGC.
maybe he's using the money for his personal expenses.. LOL
These imbeciles!!!
So let me get this straight:
SOGC falls on hard times (hard times that didn't exist until their own decisions created the hard times)
SOGC hires Lizard. Lizard is the finance worlds equivalent of CashCall and "Fix Your Credit Dot Com".
Lizard "advises" SOGC to skip interest payments to prove distress and spare cash reserves.
(All the while...interest continues to compound daily on the debt....thereby increasing the total amount owed PLUS interest)
SOGC seems no closer to a "fix" than they were two months ago...to point a fact, they are further from a fix because their debt balances are expanding based on compounded interest rates.
SOGC remains quiet...despite MATERIAL decisions being made on the shareholders behalf.
And the stock?!?
Well! The stock is doing exactly what it's supposed to be doing... It's falling, seemingly daily...back towards record lows.
I, for one, hope this stock now falls to below record lows...and I hope that every exec at SOGC winds up with a pocket full of shares that they can use as coasters when they host dinner parties in their trailer park mobile home.
F these guys for screwing with shareholders.
I've traded this stock well...I bought low and sold higher several times now.
That being said, it does not mean that I can't call a turd a turd and be upset for all of the long and faithful who bought hi, and are now looking at substantial losses based solely on SOGC's misdirection and malfeasance.
hehehehehe LOL
Wouldn't that be nice!! LOL
well make the payment for them as a good gesture... LOL
Sabine Oil & Gas (OTCQB:SOGC -5%) says it will take advantage of a 30-day grace period on a $21M interest payment due today related to its 7.25% senior notes due 2019.
OR NEW Lows..... Pay the interest payment or go home!
Yes, PPS fixing to blast off to highs!
What isn't in the oil and gas industry?
I prefer to test it in pennies and make thousands then testing it with dollars and losing a hundreds of thousands
To top it off... I really love their inclusive verbiage in the 8K and press release...
"Best interest of the stakeholders"
HOW ABOUT A FIDUCIARY RESPONSIBILITY TO SHAREHOLDERS?!?
You know? The shareholders you've left in a purgatory SOGC managers CREATED!!!
Wow!
SOGC is basically saying "F" you shareholders...we are going to do what's best for US, while claiming that we believe we are doing what's best for STAKEHOLDERS.
My problem?
My problem is that I've traded the s stock beautifully several times now. I'm convinced that a competent management team could prove my position now to be a goldmine...but the current ignorance at the top is crushing that hope.
Unreal!!!
These con artists HAVE THE MONEY to make a payment in earnest AND ARE BEING GUIDED BY LIZARD to not make payments.
I got NEWS FOR YOU SOGC! Just because you choose to exercise a grace period, doesn't mean that interest is not accruing on the capital debt that you haven't paid down!
FREAKING IDIOTS!
Yep...this one is hanging on by a thread..
Dead cat bounce or light at the end of a very long tunnel?
HEY SOGC!!!
PAY YOUR BILLS ALREADY or at least tell the world you're not going to!
Money is parked in your stock...
I'd rather lose money and KNOW it's time to move on than have stagnant money !!!
Seriously!
Crap or get off the pot!
SOGC is still fighting in the $0.10-$0.12 range?
What a freaking JOKE!
The management here ought to just eat bullets and pass this Co. onto a competent team!
Sheesh! How hard is it to crap or get off the pot here and either make a payment or declare BK!?
They're getting bilked for millions by Lazard Im exchange for what?!? NADA!
Lazard is the retail equivalent of "Fix your credit dot com" where retail level folks pay some "consultant" to fix credit scores.
The end of May is here and still no payment? What are they doing ? Going to wait til the very last day of May or worse? Put it off until June?
I think one more letter of forbearance and SOGC managers should just open themselves up with a Katama and call it a day.
Investors of every class here have been supremely patient with management...
It's time for them to frankly address shareholders or transition out of their management roles.
Sabine Oil & Gas (OTCQB:SOGC) says its lenders have agreed not to force a debt default while they continue to discuss the company’s options to fix its debt and capital structure.
Yep very nice. I suppose we should be looking at the 200ma @ '.61' next
And on very little volume.
Nice recovery back over a dime
I won't pretend to understand what's going on here, clearly bigger fish than me are in charge of where this goes down the road. I'm just flipping a very small coin and hoping for heads, lol. I do agree that it will be a long process, ie years, to get their act together but worth the risk (bet) as patience can pay off occasionally.
Enjoy your weekend & GLTUA @ SOGC
This company has huge upside potential. I'm not sure why the big sell off that took us from the 30 cent range to the 5 cent range. But I see this company being back on the big boards. It may take a few years.
So, their financials came out yesterday...
To be honest, I expected a bigger reaction to them beyond the lackluster volume and pricing action we saw today.
$98 million in revs this quarter couldn't cover their expenses by $30 million.
NOT GOOD!
Interest payments per month are $42 million...add $10 million in losses per month if these MRQ losses continue and that means SOGC will need $156 million in Revs just to break even.
If they can't break even, they'll be dipping into the piggy bank ($280 million in cash), or they'll be diluting shareholders, or they'll file BK.
My last buy has me barely in a profit and I think I'll be taking my toys a and going home tomorrow.
I wasn't necessarily hoping, blindly, for a better Quarter, but what I was hoping for was a better sense of what the broader market thought of SOGC's potential with action on the stock today.
Since I didn't see any more clear guidance from the market regarding sentiment, it's safe to assume nobody is watching.
If I sell, just wanted to say thanks to those who've contributed relevant info regarding this stock. I have had some great trades here, and part of that is from some information fellow traders have offered.
Good buying early 10.8 cents high for day close .09
Looks like up on low volume then big buying at nine cent area.
May 8 end of grace... no mention of shareholders interest this time... what a strange 8k press rel dif
AS always I'm an optimist (gambler). I understand it could go CH11 and commons get wiped out but I just think that this is 'too big to fail'. I'm not talking a massive investment for me, just dip a toe in and let it ride come what may. JMO & GLTU2
It seems to me that we are at potential bankruptcy pricing right now, not sure how this plays out, but it could easily jump to .20-.30 cents on good news quick IMHO....Im looking at getting back in myself here soon...GLTY...
Many thanks for all your info, really shows that SOGC is still a going concern and thriving. I sold my paltry handfull of shares on the 'grace period' news but maybe it's time to go long with money I can afford to lose.
Thank you for sharing my friend!!
Thank you for sharing.
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Logo - http://photos.prnewswire.com/prnh/20130325/MM83201LOGO
Sabine Oil & Gas Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. Sabine's current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, the Granite Wash in the Texas Panhandle and the North Louisiana Haynesville. For more information, please visit www.sabineoil.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sabine-oil--gas-corporation-to-trade-under-new-trading-symbol-sogc-300019610.html
SOURCE Sabine Oil & Gas Corporation
WEBSITE:
http://www.sabineoil.com/
Company Directors
http://www.sabineoil.com/company/directors/
Company Officers/Contacts
http://www.sabineoil.com/company/officers/
Recent News
01/13/2015
Sabine Oil & Gas Corporation To Trade Under New Trading Symbol "SOGC"
http://investors.sabineoil.com/phoenix.zhtml?c=92251&p=irol-newsArticle&ID=2007181
12/17/2015
Common Stock of Newly Combined Sabine Oil & Gas and Forest Oil to Trade on the OTCQB Market Under the New Trading Symbol "FSTO"
http://investors.sabineoil.com/phoenix.zhtml?c=92251&p=irol-newsArticle&ID=2000272
12/16/2015
Sabine Oil & Gas and Forest Oil Complete All-Stock Business Combination
http://investors.sabineoil.com/phoenix.zhtml?c=92251&p=irol-newsArticle&ID=1999888
OTCMARKETS:
http://www.otcmarkets.com/stock/SOGC/quote
ZACKS:
http://www.zacks.com/stock/quote/SOGC
YAHOO:
http://finance.yahoo.com/q?s=SOGC
MARKETWATCH:
http://www.marketwatch.com/investing/stock/SOGC
SEC:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000038079&owner=exclude&count=40&hidefilings=0
Contact Sabine Oil and Gas
http://www.sabineoil.com/contact/
Headquarters
Corporate Communications: corporaterelations@sabineoil.com |
Investor Relations: InvestorRelations@sabineoil.com |
Share Structure
SOGC Security Details
Market Value1 | $18,461,619 | a/o Apr 01, 2015 |
Shares Outstanding | 214,669,984 | a/o Mar 15, 2015 |
Float | Not Available | |
Authorized Shares | Not Available | |
Par Value | 0.1 |
Shareholders of Record | 587 | a/o Oct 01, 2014 |
Ex. Date | Record Date | Pay Date | |
---|---|---|---|
Dividend () | Oct 05, 1995 | Oct 10, 1995 | Nov 01, 1995 |
|
Short Interest | 6,672,837 (-27.15%) Jan 15, 2015 |
Significant Failures to Deliver | No |
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