Penn West Regains Compliance with the New York Stock Exchange's Continued Listing Standard Regarding the Price of its Common Stock
6:30 am ET July 4, 2016 (PR Newswire) Print
PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("Penn West", "we", "us" or "our") is pleased to announce that it received notification from the New York Stock Exchange (the "NYSE") that it has regained compliance with the NYSE's Continued listing standard regarding the price of its common stock.
On January 4, 2016, Penn West received notification from the NYSE that Penn West had fallen below the NYSE's continued listing standard, which requires a minimum average closing price of US$1.00 over a consecutive 30 trading day period. Penn West regained compliance at the close of trading on June 30, 2016 since the average closing price of its common stock for the consecutive 30 trading days ended June 30, 2016 and the closing price of its common stock on June 30, 2016 both exceeded US$1.00.
About Penn West
Penn West is a conventional oil and natural gas producer in Canada. Our goal is to be the company that redefines oil and gas excellence in western Canada. Based in Calgary, Penn West operates a significant portfolio of opportunities with a dominant oil position in the Cardium, Viking and Peace River areas of Alberta.
Penn West shares are listed on the Toronto Stock Exchange under the symbol "PWT" and on the New York Stock Exchange under the symbol "PWE".
Happy 4th of July Everyone!
A scene from tomorrow at 4:00:01
Marketdatabull: Margin Call Gentlemen!
Shorty: You can't expect us to pay.
Marketdatabull: You know the rules. All accounts settled at end of trading. Without Exception!
Shorty: You know perfectly well we don't have 394 million dollars in cash!
Marketdatabull: I'm sorry boys, put shorty's seats on PWE up for sale immediately and seize all personal assets of shorty and shorty INC.
Shorty: You can't take our seats! There has been a shorty on this board since the board was founded! We own this board!
We are Ruined!
Shorty (screaming) TURN THE MACHINES BACK ON! TURN THE MACHINES BACK ON!
Let's have a little fun.
Predict the closing price of PWE tomorrow at the 4PM EST. market close.
My guess: $1.80
I am still shocked by that.
Absolutely shell shocked. If that holds up I will be looking at the value of my 50,000 shares increasing by $43,500. Now I suppose that to many folks out there that may not seem like a lot and I am sure there are going to be some new millionaires come Monday if this holds up.
But I have NEVER made anywhere near this amount of money on a stock.
I am really in disbelief.
I wonder if this kind of number is actually going to be seen Monday. Honestly, I can't believe it.
Making in the neighborhood of $50,000 *in one day* blows my mind.
I want to add my congrats and thanks!
I only own a fraction of what you bought. But 50,000 shares ($0.75) is a lot of money to me and it looks like this might actually double which is something that I have never had happen to me before in my life.
It certainly is a good feeling to see the after hours trade up 90%!
Of course, who knows what is going to happen Monday but it sure beats and after hours trade down 90%!
Thanks again and congratulations to you! You are probably going to make $1 million on Monday with your 600K+ shares! WoW!!!!!
I think shorting for the weekend is a bad idea.
I'll faint if that happens.
I bought 50,000 shares at $0.75 and that would be the best thing ever!
I sure hope it goes that high! woohoo!
We could both win-PWE under $1 in September and above in January! :)
Let's hope everyone makes money!
I had a little extra money in my pocket, I purchased 250 Jan 2017 $1 calls at $0.15. I am not sure if it will be a good investment or not but I laid $3,750 on the poker table to find out.
It seemed like a good price to me for the call so far out in the calendar.
For the most part, I appreciate your posts. I am long on the stock and while it is worrying to hear posts regarding PWE going bankrupt, it is good to hear both the positive and negative outlook I get between you (negative) and marketdatabull (positive). I bought 50,000 shares at $0.75 and have seen my fortunes rise up to close to a $1.20 a share and fall to the current levels. It's been a roller coaster.
My plan has been to ride this out-profit or bankrupt. Obviously, we shall see. My question to you is why wouldn't some company want to buy out PWE? They would get all the assets (Viking, etc.) for basically the price of the debt plus 400 million or so for the stock. So for two billion or less, some company could merge/buy out PWE.
Do you think this is more likely than a bankruptcy?
My guess is over time technology growth (robotics, quantum computing, etc.) will fuel a real boom. As the decades pass, the bubble of old folks from the baby boom generation will pass and the current sub-replacement growth rate of population (ex-Africa) will mean population declines and rising productivity (from technology) with a bigger pie to divide among fewer people. Life will be good.
I have been hearing a "collapse" is a couple years away for decades. I just don't believe it.
Let us say that for whatever reason the banks or creditors do not amend the debt covenants. Let us further suppose that these covenants are breached. What exactly happens then? Does the company automatically go bankrupt? Do the credits get to "call" the notes and demand payment in full? If they do demand payment in full what then? Involuntary bankruptcy?
Unlike a lot of oil companies, it seems to me that the company assets are worth as much or more than their debt even in this depressed oil price environment. Even if the company was liquidated, wouldn't there be some cash left over for us shareholders?
Just curious how all this works.
Thanks in advance.
I have been hearing about the national debt being a "bomb" since I was a kid.
The sky has been falling for 50 years.
I know it's a big number, but I don't think it matters.
Besides, the debt is denominated in dollars. We have ZERO foreign debt.
Keep in mind, the Reuters release is one of those computer generated stories. It is true, but you need to read the full report.
As required, the company disclosed a *risk* of possible default. Of course they did. Given the prior scandals at the company, you can bet they want to be transparent. In order to default, however, three things MUST happen in the second quarter.
1) Oil stays low.
2) No asset sales
3) No restructuring of the covenants.
So while these things could happen, honestly it seems unlikely that all three of them will happen. My guess is that there will be asset sales and covenant relief. (who knows which way oil will go!)
I'd take a deep breath, not worry to much and see what happens.
We've come this far.
As you might recall, I bought 50,000 shares at $0.75 (1/2 Roth, 1/2 taxable account) a while back. My question is what exactly is "covenant relief" and what is this "covenant issue". I suppose it is probably something I should have understood before buying, but I have no idea what this means.
Any explanation is appreciated.