At the price you quoted I could not buy a movie ticket and pop corn. Maybe PDS will eventually get over the blahs of these lower prices for oil and we will have a recovery. But it may take a quite a while or until the Saudis and U.S. get over this #$%$ contest as to who can produce the most at the lowest prices.
Wow, that means you could buy a whole drilling ship full of shares for just a few dollars. Too bad they would still be worthless.
could filing bankruptcy save any of the remaining resources. this group may decline to file until all resources
4:36p ET November 19, 2014 (Market Wire)Print
Sonde Resources Corp. ("Sonde" or the "Company") (TSX VENTURE: SOQ)(NYSE MKT: SOQ) announced today that its capital resources have been significantly depleted since June 30, 2014 and, to date, its strategic alternatives process has not resulted in a transaction that would satisfy Sonde's significant financial commitments under the Exploration and Production Sharing Agreement ("EPSA") covering the Joint Oil Block. Refer to Sonde's Management's Discussion and Analysis for the three and six months ended June 30, 2014 ("Second Quarter MD&A") for a description of these material commitments.
As at November 17, 2014, cash and cash equivalents (excluding restricted cash) are estimated to be $0.3 million. Restricted cash secures a US$15 million letter of credit issued to Joint Oil to guarantee the Company's obligation to drill the Fisal-1 well by November 30, 2014 as well as a $0.2 million abandonment bond in Canada. The penalty for failure to drill the Fisal-1 well on or before November 30, 2014 would allow Joint Oil to draw US$15 million under the letter of credit to satisfy this penalty. Drilling of the Fisal-1 well has not commenced due to the Company's current liquidity position and it is Sonde's expectation that Joint Oil may draw upon the letter of credit in early December. Sonde has also provided a corporate guarantee of US$30 million to secure its commitment to drill two additional wells. Under the terms of the EPSA, the next well is required to be drilled by December 23, 2014 and the final well is required to be drilled by December 23, 2015. Failure to meet these commitments could result in a termination of the EPSA by Joint Oil. In addition to its work commitments under the EPSA, Sonde has commitments under its existing office leases which are further detailed in its Second Quarter MD&A and its net current assets less liabilities as at November 17, 2014 is estimated to be a negative $0.3 million.
Could not agree more dv. Writing was on the wall when they could not find commercial liquids in sufficient quantity in Canada and when their erstwhile partner in the Mediterranean could not come up with the needed financing. I suppose I have to take some of the blame for taking a chance on these small outfits with big dreams but even then I expect some competency from the management.
This is a total disregard for the stock holders. The prospects to be drilled and the successful zrat well with proved gas and condensate is totally gone IMHO. The management simply sucked all the money the company had to pay for their no performance. This is a small company, but I hope the Houston and Edmonton papers do an article on the management -- how they screwed over the stock holders of SOQ. This #$%$ me off. These 'managers' are total cowards, and inept at what they do, and are a total disgrace to the Oil & Gas Industry. I'm going to see if they are AAPG members, and if so will make a complaint to the AAPG regarding SOQ's mismanagement. OK folks, has been nice communicating with you over the years, assume the message site will be next to go down? Regards,
10:07a NYSE MKT to Suspend Trading, Commence Delisting in Sonde Resources (Dow Jones)
10:08a NYSE Initiated Sonde Trading Halt on Monday (Dow Jones)
10:09a NYSE: Questionable Whether Sonde Will Be Able to Continue Operations, Meet Obligations (Dow Jones)
10:09a NYSE: Sonde's Financial Condition Is Impaired (Dow Jones)
I am puzzled, whether it be good or bad, as to why a company would ask for a halt with news pending and then not reveal the news during the day they asked for a halt.
My guess is that you would be right as much as I would like a positive announcement. There is just too much baggage attached to this one to expect anything other than what you posit.
Was certainly looking for something after hours but nothing yet. But of course, I can't figure out why they didn't sell the whole freaking thing back awhile when they sold off the producing WC assets. Oh yeah, there was still something to "milk" for mgt and insiders...LOL. What a joke!