I guess we'll find out Aug 4 after hrs. I have this dislike for companies reporting Thu after hrs and conf call on Fri. Kinda like they're trying to bury something into the weekend. Any other dirt cheap bonds that you're in? Running out of investment material LOL
Actually I made out like a bandit. I believe I sold my VNR around 22-23, bought EROC at 16.75. Sold half of EROC at 33 and bought WTI at 25. Still have 100 EROC. WTI jumped to 32 but someone dumped 1000 and brought it down some so I bought more at 30. I don't think the value of the deal is worth more than 45-50 cents. In the counter they have that 30 cent unsecured but it only pays 1% interest for a while, so I imagine no one will pay 30 cents for it if I was trying to dump it. That's my understanding but I'm not very bright. How long do you think until they come to an agreement? Or maybe the company will counter...Any updates if Franklin is buying more bonds?
tried to put a bid in at 9 cents and still shows accrued interest. Called etrade and they said that some traders are trading w interest some without and would advise not to place the order otherwise I may be paying interest. Hmmm BCEI exploring opportunities. Dodged the bullet on that one. Sold it last week
It's like North Pole in here. Yea, noticed US production dripped 200k from last week. Hopefully not LGCY lol. Was looking ready to break out a bit and then bottom fell out. Rotated some of my LGCY bonds in WTI, about 50 of them but frankly WTI is becoming a bit expensive, so I'll stop for a while. I like them at 25 or less.
yea those are pretty safe lol. Can't find Armstrong bonds. On CLF I'm just long a bunch of January calls. I think that one is gonna skyrocket come earnings. Hard to find many moonshot bonds anymore
I still have 100 EROC and I think that over the immediate term there is more upside in that. Bottom fell in oil and gas today and that didn't help. However there was a lot of buying pressure in EROC and I think I'll hold that a bit more before I make the switch. I don't think WTI will move until there is a resolution w the second lien or the BOEM. Any other bonds that you're in?
someone dumped 150k shares at market 5 min before closing. Wondering if it's the person who converted the bonds for 2.7 mill units a month ago. Otherwise I can't really explain this selling pressure for the past month
don't feel bad. Dumped 100 eroc bonds average 33 and bought 100 wti at 25 and with the difference bought 5000 LGCY common at 1.77 about a min before some bright guy sold 150k shares at market causing the price to crash. AArgh and it was such a good day until 5 min before closing. That LGCY move cost me nearly $10k
Thanks. Didn't know that the BOEM was based on debt metrics. I'll probably make the switch from EROC but would like to get 35 cents. I would like to pick up another 10k LGCY common with the profits. Who knows...I may get it. VNR has been spiking a bit
Thanks. I've just looked at WTI. Seems to me like the debt exchange would help the company a lot but in my opinion the bond price may not really move until it's done. 69 shares plus 20 cents comes up to about a 30 cent value after dilution for someone who would take the deal. My concern here would be the BOEM surety bond of $260 mil. They don't have the cash for that. What was the low price for this bond? Do you know? Am I missing anything?
Could it be this?
Earthquakes Cause Giant Natural Gas Field To Cut Production By 44%
Europe just lost a big chunk of production from one of its most critical natural gas fields, and not for any of the usual reasons — technical problems, pipeline constraints, or terrorist disruptions.
These cuts are due to earthquakes.
The development came at the Groningen natgas field in the Netherlands. The largest producing field in Western Europe — and one of the world’s top 10 gas fields by size.
Groningen’s massive size has been an issue lately though, with drawdown from the field having caused seismic events in the areas above and surrounding the field.
Such concerns prompted the Dutch government to take action Friday. With the country’s Economics Minister Henk Kamp saying that regulators will reduce Groningen’s permitted output by 11.1 percent — to 24 billion cubic meters per year (850 billion cubic feet), down from a previous allowance of 27 billion cubic meters.
Minister Kamp also said that the reduced production quota will stay in effect for the next five years. This means that Europe has lost a significant slice of its go-to production for the foreseeable future.
This latest production cut continues a dramatic slide in Groningen’s output over the past 18 months. With the Dutch government deciding in early 2015 to cut production from 42.5 billion cubic feet annually to 39 billion cubic feet — and then further reducing the quota to 33 billion cubic feet just a few months later.
The further cuts announced Friday come after high-level Dutch regulatory body the Council of State ordered the government to take more action in protecting the public. With Minister Kamp saying that the new production cap would “reduce safety risks to Groningen’s residents and damage to buildings.”
There are no near term catalysts for BK. Their cash flow should be higher than guidance as oil and nat gas are much higher than when they last reported earnings. They have room on their credit line plus some asset sales in the works. But then again they could just file BK like Linn who did so and even though they would've been OK for a year or two with their hedges. That seems to be in fashion
8.677 this week to be exact. Not such a bad day today considering the mini crash. We needed this spike down just to see where the bottom in LGCY was. Was getting tired of this few pennies per day aimless trading. Oil didn't do too bad considering the dollar spike. I would be really curious to see the Aramco IPO like many people. They have too much to hide to go public such as how much reserves they actually have. The corporate governance on that one wil be laughable. Much like those chinese solar companies of yore that would report whatever earnings they needed.
I had a bunch of worthless options for months looking like an eyesore in my portfolio and suddenly yesterday they moved. It would be nice if we get over $2.5. It's like finding money in the couch