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Equal Energy Ltd. Message Board

  • SilentCinder SilentCinder Jun 17, 2010 4:22 PM Flag

    Equal Energy Announces $25 Million Bought Deal Financing

    looks like dilution... Thoughts?

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    • I think all this legal wrangling concerning PED will turn out to be short term pain for long term gain.

      The bankers want to get as much of their money (approx. $100 mil.) back as possible. PED tried to sell its interest in Hutton before filing and nothing came out of it (see SEDAR filings). There is now even less chance that a third party will want to get involved.

      Equal is in the best position to make a deal to buy PED's interest in Hutton. That would give the bankers most of their money back (unlikely that they will get all in my opinion) while at the same time giving Equal a real bargain.

      Equal just sold $25 mil. in marginal properties and obtained another $35mil through equity financing, plus they just renewed their bank line of credit with an increased limit. All point to a lucrative takeover in the works.

      I think we will hear something along these lines before the end of July.

    • Dormie- You're Welcome. I think following the PED docket is more exciting than this message board. If you looked at the docket today, you'll see that PED's bankers have jumped into the fray on PED's side. Thus, EQU has two adversaries- PED's subsidiaries and their banks. It's not going to be the cake walk I thought it was going to be but out of all this chaos I predict a settlement.

      • 1 Reply to legalbark
      • Excuse me but I find it hard to believe you have the gall to suggest in order to be an informed investor in EQU we need to read PED's bankruptcy dockets, which by the way contain nothing more than the normal rhetoric from all parties involved. Me thinks you should have been more informed when you bought a ton of shares (by your own statement) of PED. If you think shareholders of PED will come out of BK whole I would have to recommend you change your alias from "legal bark" to something less suggestive of your background as clearly you have little knowledge as to the norm for shareholders of a company that files for protection, as most get wiped out completely. I took this from your post on the PED board...."Better they get a good price in the bankruptcy sale and distribute the money as a closing dividend to the shareholders." FYI, I do have sympathy for you, but i find your attitude towards shareholders of EQU (no longer unit holders as you stated) that we are/were the uninformed when in fact you are the bag holder of PED. If you reread this exert from your post to Dormi i think you will see the contradiction....
        meaning you are the one with your neck in the noose, not us! Just saying, you should have been better informed about PED, rather than giving others advice about EQU.....
        "It's required reading if you want to be an informed EQU unit holder."
        Never like seeing anyone get burned on a stock, so I'll wish you the best anyway.

    • Thanks again. Here is the docket. Looks like a hearing is scheduled for Tuesday.

    • OK, thanks Legalbark for the heads up. I've not been on that site. I assume you're talking Yahoo?

    • Dormie- I got in, and then got out, of EQU on the same premise. You may want to go to the PED site and hit the link that takes you to the docket of PED's bankruptcy proceeding in Delaware. EQU is filing a lot of motions and what they basically say is that EQU is losing its shirt on a daily basis because the bankruptcy is interfering with its ability to operate in the Hunton Play. The daily losses EQU documents in its pleadings cannot augur well for the future of EQU's earnings or cash flow. It's required reading if you want to be an informed EQU unit holder. BOL

    • I'm buying this today at a 12% discount to the bought deal. It's either a no brainer or I'm a no brainer. We shall see.

    • Dormie- I didn't see the article but it shows the company is reaching out to writers and getting some favorable press.This is a great positive. I simply jumped back in at $6.63 with 5000 shares. It was below the new offering and I think EQU will make a smart purchase of PED's interests in the Hunton Play out the the bankruptcy. All this bodes well for EQU. BOL

    • I think this price to Wellington West and its clients is less than the price of the stock at the time Wellington West initiated coverage on ENT last fall with a buy. It's an unusual confluence of circumstances and actions, including the lack of release of drilling results, that has resulted in this predicament IMO. It's certainly a great entry price now for those who are able.

      Check out the June issue of The American Oil and Gas Reporter magazine. They did a nice write up on EQU beginning on P.48.

    • Well it sure doesn't seem to be helping the stock price!! down $0.59 right now.

    • Well it sure doesn't seem to be helping the stock price!! down $0.59 right now.

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