National Energy Services Inc. (fka NESV)

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Funny, I have been posting on an issuer who just filed for Chapter 7 on Tuesday (energy corp.). They had $100 million in assets, but $150 million in debt and just could not find funding. They went nearly 12 months of delinquency. But the writing was on the wall. Just depends on the creditor, especially with oil and gas where it is.

I know there are a lot of companies liquidating assets, some winding up altogether. There is a glut of talent in Texas looking for jobs. NAPE in Houston was a show of everyone trying to sell leases for pre-impairment prices with no buyers. A lot of leases were bid around 30-40% of last years values.

Some companies with capital have bought some cheap leases to cost average down, but one capital manager I spoke with this week said they can last 3 year with $40 oil. After that they will be liquidating assets further.

Not good.