Sabine and Samson File Chapter 11 Bankruptcy; Who is Next? Exco? Halcon? Goodrich? Comstock?
Sabine Oil & Gas files for bankruptcy
July 15 reuters.com
Oil and gas company Sabine Oil & Gas Corp filed for Chapter 11 bankruptcy on Wednesday, becoming the latest victim to the decline in global oil prices. The company said it was in discussions with its lenders and debt holders on a financial restructuring plan. Sabine Oil expects to support itself with its cash on hand and funds generated from ongoing operations. The company listed assets and liabilities of more than $1 billion. The case is in U.S. Bankruptcy Court, Southern District of New York, Case No: 15-11835.
(Reporting by Ankush Sharma in Bengaluru; Editing by Anand Basu)______
Before lunch I got an Internet alert that EXCO shares were down to $0.87. After lunch they were $0.86. At the end of trading they were $0.83. They have probably already received their notice letter from the NYSE giving them 90 days to get the share price back above $1 or they will be de-listed and then become a Pink Sheet, penny stock. I hope they can recover but now is the time for all lessors faced with the possibility of their operator taking bankruptcy to begin discussions with their neighbors about taking legal action to protect their royalty income or have their leases terminated. Skip
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Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on
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That would be a good outcome. Hope it works out.
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Permalink Reply by Gale on
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Here is a link from Samsons website with a little more information:
http://www.samson.com/
I'm hopefully praying!
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Permalink Reply by JHH on -
The Chesapeake lease--- assignment to---NFR---assignment to---Sabine Oil and Gas--- to--- Chapter 11 misery continues. First i appreciate the Sabine royalty owner relations person for returning my call. I sent an email and called wondering when the July royalty payment would arrive. He said the production total was only $34 and they aren't "required" to pay until it totaled more than $100. My overall impression was: our four wells would just be allowed to play out. I couldn't... after several questions... figure out if Sabine stopped maintaining the wells or what. I was so rattled... i forgot to ask about our inquiry (via registered mail) regarding third party transportation charges... which for all four wells nearly equaled the royalty. For example: after transportation and compression charges... royalty payments were reduced as mush as 80%. We've requested invoices for the third party charges months ago and received nothing so far. I don't think we have a deduction free lease.. but 80% is a little much. Any help would sure be appreciated.
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