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If they do not offer divy in BTC this stock will go nowhere fast.
And if they will,..I hope the news comes after market closes to catch shortie with its pants down so we can have a panic buy and squeeze past $20.
$NILE
Nothing but good news and this sucka keeps dropping.
Green aftermarket +5%.
Aren't they supposed to release financials today ?
BitNile Holdings Announces Payment in Full of $66 Million in Senior Secured Notes This Week
March 28, 2022 06:30 AM Eastern Daylight Time
LAS VEGAS--(BUSINESS WIRE)--BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”), announced today that it will pay off its senior secured notes this week. The 10% Original Issuance Discount Promissory Notes (the “Notes”) were sold in December 2021 and are due and payable on March 31, 2022. The repayment of the Notes will release the security interest in most of the assets of the Company, as well as the pledges of equity interests in the Company’s subsidiaries.
“The elimination of this secured debt is significant for BitNile and our stockholders as we will be able to pursue the issuance of special dividends and execute on strategic opportunities to spin out key holdings in the future.”
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Further, the repayment of the Notes will eliminate certain restrictive covenants, allowing the Company to move forward with the announced plans related to its subsidiary TurnOnGreen, Inc., an electronic vehicle charging and power solutions company (“TurnOnGreen”). The Company previously announced plans that will result in TurnOnGreen becoming a publicly traded company and its intent to distribute securities of TurnOnGreen to BitNile stockholders including approximately 140 million common shares of TurnOnGreen and an equal number of warrants to purchase such shares, subject to regulatory approval.
Kenneth S. Cragun, the Company’s Chief Financial Officer, said, “We are pleased to be in a position to fully pay our senior secured debt this week. Other than the loans on our portfolio of hotels, which are non-recourse to the parent company, the Company will be virtually debt free.”
Milton “Todd” Ault, III, the Company’s Executive Chairman, said, “The elimination of this secured debt is significant for BitNile and our stockholders as we will be able to pursue the issuance of special dividends and execute on strategic opportunities to spin out key holdings in the future.”
For more information on BitNile and its subsidiaries, BitNile recommends that stockholders, investors, and any other interested parties read BitNile’s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.BitNile.com.
Contacts
BitNile Holdings Investor Contact
$USWS
there is a rumor... is related to Ted Cruz & there will be a Republican President in Office and the Wilks Brothers will own
$DWSN
$FTSI
$FTK
$USWS
and keeping their Electric Fracking Business alive and well for years to come:
1)
$DWSN
Dawson Geophysical Company is a provider of onshore seismic data acquisition services with operations throughout the continental United States and Canada.
2) Acquisition of
$FTSI
3) Shareholder position in
$USWS
+
$FTK
Wilks Brothers + Family plan to permanently retire 650,000 hydraulic horsepower ("HHP") of older generation (Tier II diesel) equipment by December 31, 2024, representing approximately 4% of the estimated current installed base of hydraulic fracturing equipment in the market
Can anyone help me understand why it dropped 4% premarket following good news ?
We the shareholders offer a better deal than the company's offering of $1.76 pps, we offer a discounted price of $1.25 pps.
U.S. Well Services Shares Drop 37% After Direct Offering Prices
Published: March 9, 2022 at 1:51 p.m. ET
By Chris Wack
U.S. Well Services Inc. shares were down 37% to $1.11 after the company said it has entered into definitive agreements with several investors for the purchase and sale of 14.2 million common shares in a registered direct offering.
The company is offering the shares at a purchase price of $1.763 a share for proceeds of $25 million.
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U.S. Well Services has also agreed to issue to the investors, in a concurrent private placement, unregistered warrants to buy up to 14.2 million shares.
The closing of the offering is expected to occur on or about Friday.
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https://www.marketwatch.com/story/u-s-well-services-shares-drop-37-after-direct-offering-prices-271646851874
The company should use portion of that 25 mil and buyback their shares at 30 % discount, but they are not that smart...obviously.
But shareholders are not bright either, they should take advantage of 32 % drop knowing the values stand in the $2 range and load up for a sure profit.
All they had to do is say they refused an offer of $25 mil from a private inztitution to purchase stock at $1.75 pps since they believe the drop in price from above $30 5 years ago is due to short selling and the current pps reflects only 1/10th of the company's true market valuation, and the stock would be in tbe $12 range right now forcing shorts to cover in the frenzy, which would have put the company in a better place to negotiate better deals.
Stupid management cause bad decisions, the offering should have been higher and the shares should have been restricted for at least a year, instead they are for immediate execution.
That offer just lost 32% of their investment and scalped the market cap in 3 seconds, the CEO holds 3 mil shares of his own,hope they sit on a fat wallet to raise the price back to the original investment.
What a disaster of a chart, I've never seen anything like this.
That destroyed the current pps. It was a dumb move. Investors showed their dissproval by selling, we were all aiming for $4 pps, at least that is what we all thought it was worth.
https://sec.report/Ticker/USWS
The insiders and institutions own over 49% of the stock.
It hit $2,40 after market, insiders may already know the financial report will push it higher.
Next Q4 earning report will be released today at 6:30 Eastern Time, hold on to your shares, shorts will burn.
Damn 1.47 WTF happened ?
ARCA managed to crack this one really bad.
Shorts are taking up all these profits gained premarket.
$AXAS,$ZNGO,$BDCO,$IMPP, best oil stocks to own.
Best investment ever, plenty more room for upside. $AXAS
Did you not read the latest news, what updates are you waiting for ?
No debt, oil reserves and in Delaware.
That is it.
$AXAS, Best performing stock today.
52 week high $4,58. $AXAS
$AXAS is moving on thin air, this haven't even squeezed yet but something tells me that some of you will loose your shares way to early in the game.
Take the time and be specific with some quick math, peeps might not get it yet. $AXAS
This baby is on fire, 8 mil float, lets see 4 dollars $AXAS.
Abraxas Announces Comprehensive Restructuring, Transformation into Pure-Play Delaware Basin Company
http://www.abraxaspetroleum.com/news.aspx?releaseid=16531
January 3, 2022 at 9:27 AM EST
Williston Basin Assets Sold for $87.2MM
Proceeds Used to Pay Off All First Lien Debt
All Second Lien Debt Exchanged for Preferred Stock
SAN ANTONIO--(BUSINESS WIRE)--Jan. 3, 2022-- Abraxas Petroleum Corporation, a Nevada corporation (“Abraxas” or the “Company”) (OTCQX:AXAS), today announced (i) the cash sale of its Williston Basin assets to Lime Rock Resources for $87.2MM, (ii) the repayment of all of its revolving credit facility and (iii) the exchange of its entire Second Lien Term Loan held by Angelo Gordon Energy Funding, LLC (“Angelo Gordon” or “AG”) into newly authorized Series A Preferred Stock. The transactions, which closed today, were part of the Company’s previously announced strategic alternatives review.
Bob Watson, Abraxas President & CEO stated, “For some time, Abraxas has been trying to find a solution that would resolve the indebtedness held by our lenders while at the same time providing continuing opportunity for our stockholders. The transactions announced today pay off all of our bank debt and convert AG's 2L Term Loan into preferred equity. Most importantly, the restructuring positions Abraxas as an unlevered, Delaware Basin pure play that can now access available capital sources to restart a drilling program in the Permian Basin. In short, we now have the opportunity to drill and complete wells in order to grow our production for the benefit of our common and preferred stockholders.”
Pro Forma Capital Structure
Abraxas’ capital structure is now comprised of common stock and preferred stock. The preferred stock has an initial preference amount of approximately $137MM which will accrete at 6% per annum, compounding quarterly (the “Accreted Preference Amount”). The holders of preferred stock will have approximately 85% of the total votes allocated to common and preferred stockholders and will thus have voting control of the Company. Upon a future Deemed Liquidation event (merger or other transaction as defined in the Preferred Stock Certificate of Designation), current Abraxas stockholders would receive 5% of any distribution above $100MM, until AG has received the Accreted Preference Amount, plus 25% of any distribution above that amount. In the near term, the Company may enter into a modest revolving credit facility with a commercial bank in order to “jump start” the Permian drilling program.
Board of Directors
The size of the Abraxas board of directors has been increased to five members: two continuing Abraxas directors and three new directors designated by AG. Effective with consummation of the transactions, two AG directors have been appointed to the Board, and a third AG member will be added later in January.
Advisors
Petrie Partners Securities, LLC served as financial advisor to Abraxas. Dykema Gossett PLLC and Holland & Hart LLP served as legal counsel to Abraxas. Simpson Thacher & Bartlett LLP and Brownstein Hyatt Farber Schreck served as legal counsel to Angelo Gordon.
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations in the Permian Basin.
Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220102005026/en/
Steve Harris/Vice President – Chief Financial Officer
Telephone 210.490.4788
Abraxas Petroleum Restructures Its Debt
Jan. 04, 2022 11:06 PM ETAbraxas Petroleum Corporation (AXAS)2 Comments4 Likes
Elephant Analytics profile picture
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Summary
Abraxas has restructured its second-lien debt into preferred shares and sold its Williston Basin assets to pay off its credit facility debt.
This leaves it as a debt-free pure-play Delaware Basin producer with Angelo Gordon having voting control and appointing a majority of the Board of Directors.
Common stockholders are not completely wiped out in the restructuring and are entitled to a small percentage of distribution proceeds from any deemed liquidation event.
At $0.82 per share, the Delaware Basin assets would need to be worth around $157 million in a deemed liquidation event for the common shares to break even.
I estimated that the Delaware Basin assets are currently worth around $118.5 million, so efficient development work will be needed for the common shares to have upside.
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Oil industry well pumps
Pgiam/E+ via Getty Images
Abraxas Petroleum (OTC:AXAS) has restructured its second-lien debt into preferred shares and given voting control of the company to Angelo Gordon, the holders of its second-lien debt. This restructuring was largely expected although common shareholders have avoided being entirely wiped out.
Abraxas has also sold its Williston Basin assets to pay off its credit facility debt. As a result, it now has no debt, but the sale price of its Delaware Basin assets will need to be over $100 million for the common stock to have any value in the end. Abraxas is planning on restarting its Permian drilling program in an attempt to help improve the value of its Delaware Basin assets.
Williston Basin Sale
The Williston Basin assets produced approximately 3,200 BOEPD (37% oil, 73% liquids) in Q3 2021. Abraxas sold these assets to Lime Rock Resources for $87.2 million in cash, which is approximately $27,250 per flowing BOE. This sale price appears reasonable given the relatively low oil content of the Williston Basin production and the few remaining development locations in Abraxas's Williston Basin position.
The cash received from this sale will fully repay Abraxas's credit facility, which had $81.7 million outstanding at the end of Q3 2021.
Angelo Gordon Gains Control
Angelo Gordon is essentially gaining control of Abraxas. It is allowed to appoint three directors to the expanded five-member Board of Directors. It also is converting its second-lien debt into preferred stock with an initial preference amount of approximately $137 million. This preferred stock accretes at 6% per annum, compounded quarterly.
Angelo Gordon (through the preferred stock) is also getting around 85% of the voting power for Abraxas and will have voting control.
Future Liquidation And Common Stock
In a future liquidation event, Abraxas common stockholders are getting 5% of any distribution above $100 million until Angelo Gordon's preference amount (currently $137 million) is fully covered. Common stockholders will receive 25% of any distribution above that amount.
Distribution Value ($ Million) Value to Abraxas Shareholders (per Share)
$100 $0.00
$125 $0.15
$150 $0.61
$175 $1.35
$200 $2.09
If a liquidation event happened immediately, then a $100 million distribution would result in a value of $0 for Abraxas's common shareholders. A $150 million distribution would result in a value of $0.61 per share for common shareholders. A $200 million distribution would result in a value of $2.09 per share for common shareholders. This per share value at various distribution levels will go down a bit over time as Angelo Gordon's preferred shares accrete value. Abraxas's common shares are currently priced (at $0.82 per share) for a $157 million distribution.
Value of Delaware Basin Assets
Abraxas's Delaware Basin assets averaged production of around 2,400 BOEPD (55% oil, 67% liquids) during Q3 2021. Permian Basin production with that oil percentage is valued at around $35,000 per flowing BOE in the current market environment, making the value of the current production around $84 million.
Abraxas also previously reported having 11,500 net acres in the Delaware Basin. Higher quality Delaware Basin acreage is being valued at around $7,000 per net acre independent of production levels, but Abraxas's past results in the Delaware Basin haven't been as strong. If its acreage was valued at $3,000 per net acre, that would bring the value of its Delaware Basin assets up to $118.5 million.
That valuation would result in Abraxas's common shares having pretty nominal value ($0.11 per share). Thus, for the common shares to have upside (or to even be worth their current amount), Abraxas will need to efficiently increase production and generate improved well-level results (to increase the value of its land).
Conclusion
Abraxas has restructured its second-lien debt into preferred shares and also sold its Williston Basin assets to pay off its first-lien debt. Angelo Gordon is now effectively in control of Abraxas as well.
Common shareholders have avoided being entirely wiped out by the restructuring, but it appears that Abraxas will need to improve the value of its Delaware Basin assets by 30+% through efficient development for the common stock to be worth the current $0.82 per share.
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26 Jan. 2022
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Thanks for article and info. Have watched this company over the years and glad I did not buy. I kept hoping the small company would be super efficient and make it but it never did.
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TopDoggie
05 Jan. 2022
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Agree not touching this stock with a ten foot pole. Not unless it drops to 5 cents.
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https://seekingalpha.com/article/4477935-abraxas-petroleum-axas-stock-restructures-debt
Abraxas Provides Reserve and Operational Update
https://www.businesswire.com/news/home/20220228005784/en/Abraxas-Provides-Reserve-and-Operational-Update
February 28, 2022 11:13 AM Eastern Standard Time
SAN ANTONIO--(BUSINESS WIRE)--Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (OTCQX:AXAS) today provided the following reserve and operational update. Note that all annual reserve comparisons stated below are for Delaware Basin assets only (all sold Bakken assets were removed from the December 31, 2020 totals). Highlights include:
Total Proved PV-10 reserves grew 467% to $229 million at December 31, 2021 using SEC pricing
Reserve Report captures the Company’s Delaware Basin West Texas assets only, post-sale of the Company’s Bakken assets, as previously reported
Reserve Report doesn’t include additional geologic horizons being pursued by offset operators such as the Woodford/Meramec
Company has approximately 11k net acres in the heart of the Southern Delaware Basin where it has successfully drilled 23 Wolfcamp/3rd Bone Springs horizontals across 5 distinct geologic benches.
Company’s leasehold is entirely HBP and includes all depths/rights along with associated water infrastructure
December 31, 2021 Reserves
According to its recently received reserve report, as of December 31, 2021, Abraxas’ proved oil and natural gas reserves consisted of approximately 24.1MMBoe, a net increase of 8.5 MMBoe over 2020 year-end reserves of 15.6 MMBoe. December 31, 2021 reserves consisted of approximately 16.8 million barrels of oil, 2.5 million barrels of NGLs and 29.2 billion cubic feet of natural gas. Proved developed producing reserves were 8.3 MMBoe and comprised 34% of proved reserves as of December 31, 2021. The SEC-priced pre-tax PV-10(1) (a non-GAAP financial measure) was $229.3 million, using 2021 average prices of $66.55/bbl of oil and $3.64/mcf of natural gas. Realized pricing, including differentials, used in this calculation equated to $62.89/bbl of oil and $1.85/mcf of natural gas.
The independent reserve engineering firm DeGolyer and MacNaughton (“D&M”) prepared a complete engineering analysis on roughly 95% of Abraxas’ proved reserves on a Boe basis.
The following table outlines changes in Abraxas’ proved reserves as of December 31, 2021 vs December 31, 2020 (Delaware Basin assets only):
2020
2021
Sales Oil Sales Oil
Oil Gas NGL Equivalent PV Oil Gas NGL Equivalent PV
Estimated Reserves (net) (Mbbl) (MMcf) (Mbbl) (Mboe) (M$) (Mbbl) (MMcf) (Mbbl) (Mboe) (M$)
Proved Developed:
4,142
12,140
1,069
7,234
$
46,434
3,729
19,162
1,374
8,297
$
89,001
Proved not producing:
103
151
19
147
$
580
124
1,962
65
516
$
3,083
Proved Undeveloped:
5,938
7,246
1,120
8,266
$
2,669
12,939
8,097
1,063
15,351
$
137,254
Total Proved:
10,183
19,537
2,208
15,647
$
49,683
16,793
29,220
2,502
24,165
$
229,338
Bob Watson, President and CEO of Abraxas commented, "When adjusted for our Bakken sale, our year-over-year net proved reserves increased by 8.5 MMBoe, due primarily to our adoption of a two-mile lateral strategy across our Wolfcamp acreage. This change resulted in an increase of 7.1 net MMBoe in the undeveloped category. Our PV-10 increased roughly 467% from $49 million at December 31, 2020 to $229 million at December 31, 2021. At December 31, 2021, our proved oil and natural gas reserves were valued using an oil price of $66.55 per barrel and a natural gas price of $3.64 per MMBtu, an increase of 68% and 79%, respectively, as compared to $39.54 per barrel and $2.03 per MMBtu at December 31, 2020. At current strip prices, the Company’s PV-10 is now roughly $260 million.”
“In working with D&M the Company has developed a conservative approach to assigning future drilling locations using 1,320’ acre spacing between wells with 4 wells per section across 4 benches equating to 16 wells per section. As outlined below, the Company has over 200 net locations on 1,320’ spacing, which have been largely delineated from development drilling. However, given the SEC’s 5-year limitation on booking PUD locations depending on a company’s funding ability, Abraxas can only book 27 (net) of these locations as proved. Alternatively, a company with the funding availability to develop all the locations could book the majority of these engineered locations as proven. Further, utilizing the industry standard spacing of 880’ between wells increases the Company’s location count to over 300 net future locations.”
NET LOCATIONS
ZONE
PROVED
PROBABLE
POSSIBLE
1 MILE
2 MILE
1 MILE
2 MILE
1 MILE
2 MILE
TOTALS
UPPER 3BS SHALE
0
0
16
19
0
0
35
3 BS SAND
0
9
25
14
0
0
47
WOLFCAMP A1
2
8
22
14
0
0
45
WOLFCAMP A2
3
6
13
3
0
0
26
WOLFCAMP B
0
0
0
0
25
23
48
5
23
76
49
0
25
23
201*
CLASS TOTALS
27
125
48
*assumes 1,320’ spacing between wells
“We are excited with the balance sheet moves we’ve made over the past 60 days. These include the full retirement our prior credit facility along with a debt for preferred equity exchange with Angelo Gordon. This is a new chapter for the Company as we begin 2022 as a pure play Delaware Basin operator with no debt. We are currently finalizing our 2022 drilling plans and are in advanced negotiations with new lenders for a credit facility to help fund developmental drilling on our highly economic WTX leasehold. We will seek to drill at a measured pace, and within cash flow in order to drive multiple-years of growth and returns for our shareholders.”
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations in the Permian Basin of the United States.
Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.
Contacts
Steven P. Harris/Vice President – Chief Financial Officer
Telephone 210.490.4788
sharris@abraxaspetroleum.com
www.abraxaspetroleum.com
ABRAXAS PETROLEUM CORPORATION
OTCQX:AXAS View stock quote and chart View SEC Filings
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Gas at the pump in NYC is $5.07 for regular.
I cannot account for dummies selling oil stocks during an oil crisis, but I am glad they are out.