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Quicksilver Resources, AŞ Message Board

richardclovis 45 posts  |  Last Activity: Jun 25, 2015 7:16 AM Member since: Mar 9, 2013
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  • richardclovis by richardclovis Jun 25, 2015 7:16 AM Flag

    U.S. Energy Corp. Announces Immediate Cost Saving Measures

    RIVERTON, Wyo., June 25, 2015 (GLOBE NEWSWIRE) -- U.S. Energy Corp. (Nasdaq:USEG), (the "Company," "we" or "us") today announced that in light of the ongoing oil price environment the Company has taken measures to reduce general and administrative costs by approximately 20%. The cost reductions include a 15% reduction in workforce and a significant reduction in annual compensation for all remaining employees. All officers and directors of the Company have agreed to take a 20% cut in salaries and fees, respectively. The total compensation savings is in excess of $600,000 on an annualized basis. The Company also anticipates a further reduction of approximately $500,000 in G&A costs by the end of 2015.

    CEO Statement:

    "We believe that cutting our general and administrative costs is a prudent business decision in light of the current price of oil. We will also continue to evaluate other cost saving measures going forward which should have meaningful impact to our bottom line," stated Keith Larsen, CEO of the Company. "These measures are part of our forward looking plan that will allow us to continue to participate in our ongoing drilling programs, while we continue to evaluate several potentially accretive transactions in this price environment," he added.

  • Reply to

    EXCO appears to be a logical buyer for USEG .

    by catch007afire Jun 23, 2015 1:31 PM
    richardclovis richardclovis Jun 23, 2015 2:51 PM Flag

    EXCO has only reported results from 1 Buda well in the sweet spot North of the Booth Tortuga Lease Line....and although a very good well...it would seem CML (where USEG has an interest)....would have a better "recipe" for drilling Buda wells...imo

    JMH ZAV #1HB...Zavala..Exco Operating
    API #33209
    RRC #799458
    Link
    Location 11.87 miles NE Crystal City
    Spud January 14 2015
    RRC Prod..Oil/Brls...Gas/MCF
    Jan.....720 Oil......0 Gas (Partial Month)
    Feb...9,205 Oil..2,346 Gas
    Mar..11,995 Oil..5,883 Gas
    Apr..11,961 Oil..6,198 Gas

    Jessica #1..Zavala..CML Exploration
    API #33098
    RRC #777738/17789
    Link
    Location 10.4 miles E of Crystal City
    Dual Lateral Well Spud March 2 2014
    RRC Prod..Oil/Brls...Gas/MCF
    Apr.....5,281 Oil...3,487 Gas
    May....23,790 Oil..11,140 Gas
    June...22,423 Oil..14,585 Gas
    July...21,506 Oil..22,775 Gas
    Aug....16,044 Oil..19,447 Gas
    Sept...10,923 Oil..18,787 Gas
    Oct....10,599 Oil..26,063 Gas
    Nov.....8,421 Oil..19,775 Gas
    Dec.....7,938 Oil..15,594 Gas
    Jan.....6,772 Oil.......0 Gas
    Feb.....5,627 Oil...8,478 Gas
    Mar.....5,297 Oil.....582 Gas
    Apr....10,962 Oil...4,465 Gas

    Carolpick #1..Zavala..CML Exploration
    API #33150
    RRC #785831/18034
    Link
    Location 9 miles E of Crystal City
    Dual Lateral Well Spud May 28 2014
    RRC Prod..Oil/Brls...Gas/MCF
    Aug....22,863 Oil..11,935 Gas
    Sept...22,330 Oil...7,136 Gas
    Oct....27,842 Oil...7,801 Gas
    Nov....24,871 Oil...6,388 Gas
    Dec....28,011 Oil...5,998 Gas
    Jan....26,827 Oil...8,291 Gas
    Feb....24,875 Oil...4,307 Gas
    Mar....24,085 Oil...7,315 Gas
    Apr....15,935 Oil..14,761 Gas

  • Reply to

    New article on Axas in Seeking Alpha

    by eddiehaskkel Jun 13, 2015 11:53 AM
    richardclovis richardclovis Jun 20, 2015 10:27 AM Flag

    Another SA Article out this morning...
    Excerpt..

    Summary

    AXAS has brought down its debt/EBITDA ratio impressively in the past few years, indicating that the company is well-positioned to combat weakness in oil pricing.
    AXAS's EBIT has increased in the past year, which indicates that the company will be able to service its debt easily going forward.
    AXAS is increasing the number of frac stages at its wells, a move that will help it extract more oil at lower costs.
    In fact, AXAS was able to frac a 30-stage well at Grass Farm at 38% lower costs, so the company is now gradually increasing its frac stages.

  • Reply to

    Reuters

    by richardclovis Jun 10, 2015 8:45 AM
    richardclovis richardclovis Jun 11, 2015 10:12 AM Flag

    Nobody on this board has been consistently correct in their assessment of EOX since they became an Operator (albeit a great trading vehicle for more than 18 months) than you have...
    Had a chance to exit at $5.73 early which I took...as the latest news exacerbates management's willingness to dilute to keep afloat..
    That being said...there will always be another opportunity to trade EOX going forward, as they have adde some wiggle room...imo
    All the best...

  • Reply to

    The Future for Emerald Oil Looks Treacherous

    by abama_fan Jun 10, 2015 3:32 PM
    richardclovis richardclovis Jun 10, 2015 4:11 PM Flag

    No one that has followed VOG / EOX for as long as we have would give your assessment a thumbs down....the proof is in the share price.
    The latest SA article by the Value Man is spot on as an intermediate / long term view of EOX ...as I have indicated they are in "survival mode".....
    Short term trading, however.... with a stable to up bias in oil prices can be profitable with a low cost broker....imo

  • Reply to

    Reuters

    by richardclovis Jun 10, 2015 8:45 AM
    richardclovis richardclovis Jun 10, 2015 12:24 PM Flag

    "Severe decline in production rates"...???

    4th Quarter production...2014
    Increased fourth quarter production to 377,250 BOE, an average of approximately 4,101 BOEPD, an increase of 7% compared to the third quarter of 2014 and 71% compared to the fourth quarter of 2013;

    First quarter 2015 production of 424,318 BOE increased 88% as compared to 225,905 BOE in the first quarter of 2014. Daily production averaged 4,715 BOEPD, 14% above the midpoint and 10% above the high end of Emerald's first quarter 2015 guidance range.

    Admittedly EOX brought 4 wells on line in the 1st quarter...with one a disaster....but the other 3 showed their best initial production since becoming an Operator..
    However no report on any 2nd quarter completions to date....TBA as early as Friday of this week...

    No attempt here to push / praise or recommend EOX....just short term fundamentals to support a trade from an oversold price situation resulting from the recent greed induced fiasco...

    All the best..

  • Reply to

    Reuters

    by richardclovis Jun 10, 2015 8:45 AM
    richardclovis richardclovis Jun 10, 2015 12:03 PM Flag

    Possibly...but ...."severe decline production rates" .....is another of your exaggerations...imo

    EOX is in long term survival mode.....

    However with Bakken prices up 54% since March.....and 11 wells in inventory "waiting on completion"..bringing them to production seems currently prudent...again imo

    Repeat post from 6/5..
    Someone posted that EOX has no active rig in operation...with the post subsequently deleted...

    The Stoneham 7 rig is currently inactive waiting to drill the ARSENAL FEDERAL 6-17-20..

    STONEHAM 7 EMERALD OIL, INC ARSENAL FEDERAL 6-17-20H SESE 8-149N-102W MCK 28831 33053061100000 5/28 2015 MIRU Undetermined

    This may be prudent....IMO....as they have a present inventory of 10 or 11 wells waiting on completion....and wish to use available CapEx to get a number of them producing at currently low "completion costs" to satisfy their plan outlined in the recent CC..

    "Due to the service cost trajectory that we see right now, we anticipate that we will come in or below the low end of the CapEx range. The majority of the third capital amount dedicated for 2015 will go towards developing and calling by production our currently undeveloped lease in McKenzie County. Based on our current 2015 program, we anticipate having approximately 80% of our acreage portfolio held by production by the end of 2015. The remaining acreage faces no significant near term exploratory issues and what we drilled in early 2016".

  • richardclovis by richardclovis Jun 10, 2015 8:45 AM Flag

    Oil traders scrambling to secure crude in the U.S. Midwest have pushed North Dakota's Bakken to a near premium for the first time in two years, a rally stoked by record refinery runs and an unprecedented slump in Canadian imports.

    Yet some traders say the surprising strength emerging from opaque physical crude markets in the heartland of the fracking boom also points to a more important, lasting factor: declining production of Bakken crude, a long-anticipated but as yet unproven twist in the shale revolution.
    The buying frenzy pushed Bakken delivered at Clearbrook, Minnesota WTC-BAK, to trade just 35 cents a barrel below the West Texas Intermediate benchmark last week, dealers say, the narrowest discount since July 2013. On Tuesday, it widened slightly to a 75-cent discount. Four months ago, it traded at a $7.50 discount.
    "The rapid spread contraction may be indicative of a faster-than-anticipated production decline, presenting upside risk to our price forecast" in the second half, Barclays analysts wrote in a report.
    There are other compelling reasons for Bakken crude's relative strength, to be sure.
    Canada's oil exports to the United States suffered their biggest monthly decline on record this spring due to maintenance on big oil sands projects as well as forest fires that slashed a tenth of Alberta's total oil production.
    Refiners in the U.S. Midwest region ran the most crude ever for the month of May thanks to a light maintenance slate and robust margins, triggering a bidding war for light barrels.
    Regardless, the disappearing discount offers a partial reprieve for large producers like Continental Resources (CLR.N) and Hess Corp (HES.N) after the past year slashed global oil prices by as much as 60 percent to six-year lows.
    Thanks to the stronger differentials, Bakken crude BAK- has risen 54 percent from its mid-March low, whereas U.S. WTI prices CLc1 are up only 37 percent, according to Reuters data.

  • richardclovis by richardclovis Jun 5, 2015 2:03 PM Flag

    Someone posted that EOX has no active rig in operation...with the post subsequently deleted...

    The Stoneham 7 rig is currently inactive waiting to drill the ARSENAL FEDERAL 6-17-20..

    STONEHAM 7 EMERALD OIL, INC ARSENAL FEDERAL 6-17-20H SESE 8-149N-102W MCK 28831 33053061100000 5/28 2015 MIRU Undetermined

    This may be prudent....IMO....as they have a present inventory of 10 or 11 wells waiting on completion....and wish to use available CapEx to get a number of them producing at currently low "completion costs" to satisfy their plan outlined in the recent CC..

    "Due to the service cost trajectory that we see right now, we anticipate that we will come in or below the low end of the CapEx range. The majority of the third capital amount dedicated for 2015 will go towards developing and calling by production our currently undeveloped lease in McKenzie County. Based on our current 2015 program, we anticipate having approximately 80% of our acreage portfolio held by production by the end of 2015. The remaining acreage faces no significant near term exploratory issues and what we drilled in early 2016".

    Initial re-entry position taken early this morning when previous $5.15 intra-day low held on very low volume....and volume increased to the upside...
    Stop loss in play.... just below my cost...

    Never a recommendation to buy or sell EOX...only an opinion...

    Good trading...

  • richardclovis by richardclovis May 28, 2015 8:43 AM Flag

    Problems In The Oil Patch?

    While investors cheered the news that Emerald Oil (NYSEMKT:EOX) was scrapping its plans for a secondary yesterday, pushing the stock up over 17% on the session, we found ourselves wondering whether investors were missing the point. If a company needs to raise money and the debt markets are closed, the equity market is the next easiest option. If that is not available and there is a real cash crunch, then the company has to sell assets or enter into agreements with bondholders to trade equity for debt.

    The debt-for-equity swaps may seem attractive, but the credit rating agencies have already indicated that they are not fans of these types of transactions and are willing to take action against companies, such as SandRidge Energy (NYSE:SD), where the transaction qualifies as 'distressed'. We have recently been looking at the companies who have raised equity as strong players in the industry and those who cannot get capital from markets as weak. Emerald's failure to go through with their plans is troubling in our view, but we are going to crunch the numbers and see if we are just wrong.

  • Reply to

    Offered $6.79 per share

    by chunlui88 May 26, 2015 2:16 PM
    richardclovis richardclovis May 26, 2015 2:33 PM Flag

    No offering price has yet to be declared....

  • Reply to

    New FWP Filing...

    by richardclovis May 26, 2015 1:26 PM
    richardclovis richardclovis May 26, 2015 1:33 PM Flag

    Additional excerpt..



    No later than May 26, 2015, the Company intends, subject to definitive documentation and NYSE MKT approval, to enter into privately negotiated exchange agreements with four separate holders (the “Noteholders”) of the Convertible Notes to exchange upon completion of the offering (the “Exchange Transactions”) approximately $32.0 million in aggregate principal amount of the Convertible Notes (plus accrued and unpaid interest to the exchange date) for (a) approximately $8.0 million in shares of the Company's common stock to be issued at the issue price of the offering and (b) approximately $24.0 million in shares of Series C Convertible Preferred Stock (“Preferred Stock”), provided that the shares of common stock issued in the Exchange Transactions do not exceed 19.9% of the Company’s issued and outstanding common stock upon the completion of the offering.

  • Reply to

    New FWP Filing...

    by richardclovis May 26, 2015 1:26 PM
    richardclovis richardclovis May 26, 2015 1:28 PM Flag

    The Company estimates that the net proceeds from the offering will be approximately $75.4 million after deducting underwriting discounts and commissions and estimated offering expenses, or approximately $86.7 million if the underwriters’ option to purchase additional shares is exercised in full.

    The Company intends to use the net proceeds from this offering to fund the consideration for the previously announced acquisition of approximately 10,746 net (12,901 gross) oil and gas leasehold acreage located in Eddy and Lea counties in New Mexico for approximately $75.2 million (the “Acquisition”) and to use the remaining proceeds for working capital and general corporate purposes. Prior to these uses, however, the Company may use some or all of the net proceeds from this offering to repay borrowings under its revolving credit facility. The Company may at any time reborrow amounts repaid under its revolving credit facility subject to the covenants thereunder limiting its ability to incur secured indebtedness.

  • richardclovis by richardclovis May 26, 2015 1:26 PM Flag

    The common stock being offered by the Company has been reduced from the previously announced size of $150,000,000 of the Company’s common stock (not including any exercise by the underwriters of their option to purchase additional shares) to $80,000,000 of the Company’s common stock (not including any exercise by the underwriters of their option to purchase additional shares).

  • Reply to

    some facts

    by naga00 May 23, 2015 1:39 PM
    richardclovis richardclovis May 23, 2015 3:13 PM Flag

    "back out of the deal- penalty in millions I think not sure!"

    From the filing...

    We may not be able to consummate the Acquisition.

    On May 11, 2015, we entered into a purchase and sale agreement with Yates Petroleum Corporation to acquire oil and natural gas leaseholds in the Delaware Basin. The consummation of the Acquisition is subject to certain closing conditions, including but not limited to title and environmental due diligence and other closing conditions, including conditions that must be met by Yates Petroleum Corporation and which are beyond our control. In addition, under certain circumstances, we or Yates Petroleum Corporation are able to terminate the proposed purchase and sale agreement. There can be no assurances that the Acquisition will be consummated in the anticipated timeframe or at all. If the Acquisition is not consummated, we will be required to forfeit a deposit equal to approximately $750,000. Furthermore, our stock price could be negatively impacted if we fail to complete the Acquisition.

  • richardclovis richardclovis May 23, 2015 12:59 PM Flag

    "When asked whether Emerald had a corporate takeover defense such as a poison pill, or would look to add such measures, Rudisill declined to comment."

    Anti-Takeover Provisions of our Articles of Incorporation and Bylaws

    The provisions of Montana law and our articles of incorporation and bylaws we summarize below may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that a shareholder might consider in his or her best interest, including those attempts that might result in a premium over the market price for the common stock.

    Written Consent of Shareholders . Our bylaws provide that any action required or permitted to be taken by our shareholders may be taken at a duly called meeting of shareholders or by the written consent of 100% of the outstanding voting power.

    Special Meetings of Shareholders . Our bylaws provide that special meetings of the shareholders may be called by our board of directors or at the written demand of 10% of the shares outstanding and entitled to vote.

    Advance Notice Procedure for Shareholder Proposals . Our bylaws establish an advance notice procedure for the nomination of candidates for election as directors as well as for shareholder proposals to be considered at annual meetings of shareholders. These procedures may operate to limit the ability of shareholders to bring business before a shareholders’ meeting, including with respect to the nomination of directors or considering any transaction that could result in a change of control.

    Limitation of Liability of Directors . Our articles of incorporation provides that no director shall be personally liable to the company or its shareholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted under Montana law. The effect of these provisions is to eliminate ours and our shareholders’ rights, through derivative suits on our behalf, to recover monetary damages against a director
    for a breach of fiduciary duty as a director.

  • richardclovis by richardclovis May 23, 2015 11:30 AM Flag

    One of our existing stockholders beneficially owns common stock and warrants to purchase a significant percentage of our common stock, and its interests may conflict with those of our other stockholders.

    As of May 15, 2015, White Deer Energy L.P. beneficially owned approximately 24.3% of our outstanding common stock on a fully diluted basis, consisting of 21,921,309 shares of our common stock, a warrant to purchase 5,114,633 shares of our common stock and convertible notes that are presently convertible into 472,542 shares of our common stock. White Deer owns 5,114,633 shares of our Series B Voting Preferred Stock, which have one vote per share and vote together with shares of our common stock. In addition, Ben A. Guill, a principal of White Deer is a member of our board of directors. As a result, White Deer is able to exercise significant influence over matters requiring stockholder approval, including the election of directors, the adoption or amendment of provisions in our charter and bylaws, the approval of mergers and other significant corporate transactions. The exercise price of the warrant to purchase 5,114,633 shares of our common stock held by White Deer is subject to adjustment in the event we issue common stock at a price lower than the exercise price of the warrant, which is currently $1.34 per share. Assuming an offering price of $0.59 per share, which is the last reported sales price of our common stock on the NYSE MKT on May 15, 2015, the exercise price of the warrant would be reduced to $0.95 per share as a result of this offering. The interests of White Deer with respect to matters potentially or actually involving or affecting us, such as future acquisitions, financings and other corporate opportunities, may conflict with the interests of our other stockholders.

  • richardclovis richardclovis May 23, 2015 11:27 AM Flag

    It's quite possible they are part of it with a current 24.3% ownership....and probably higher at present...
    Speculating.....It would not take much of a commitment to the new offering for them to exceed 50% with Thomas J. Edelman (also on the board of Noble energy) or Ben Guill becoming Chairman of the Board....

    An accredited M & A News Letter (Subscription Only)has recently indicated EOX may be in play..Excerpts only as copywrite protected..

    "Emerald Oil (NYSE: EOX) is expected to emerge from the downturn in an attractive position to be taken out, two industry bankers said. They noted that if oil hit USD 65 per barrel again, the company could revamp its previous M&A process and attract strategic exploration and production players."

    "Meanwhile, White Deer affiliates recently increased its stake in Emerald to 32% from 20% from participating in the target’s recent ATM offering, regulatory filings show.
    When asked whether Emerald had a corporate takeover defense such as a poison pill, or would look to add such measures, Rudisill declined to comment."

    "According to an industry banker, “everyone saw the recent equity raises and dilution that came with it as a necessary evil, but there is a sense that it is going to affect deal valuations when M&A activity picks up."

  • Reply to

    S 3 Filing

    by richardclovis May 21, 2015 10:33 AM
    richardclovis richardclovis May 21, 2015 2:07 PM Flag

    This filing was anticipated from the recent 10Q...

    Overview of Liquidity and Capital Resources

    At March 31, 2015, we had $4.0 million in cash and cash equivalents and our working capital deficit (current assets minus current liabilities) was $3.9 million. As discussed below in "Capital Resources and Capital Requirements", we project that our capital resources at March 31, 2015 will be sufficient to fund our operations and capital projects through the balance of 2015. Given the size of our potential commitments related to our existing inventory of drilling projects, however, our requirements for capital could increase significantly over the next several months if, among other things, we make acquisitions or elect to participate in any currently unanticipated drilling of additional wells. As a result, we may consider borrowing more than currently anticipated on our revolving credit facility, selling or joint venturing an interest in some of our oil and gas assets, or accessing the capital markets or other alternatives, as we determine how to best fund our capital program.

    The principal recurring uncertainty which affects the Company is variable prices for oil and gas. Significant price swings can have adverse or positive effects on our business of exploring for, developing and producing oil and gas. Availability of drilling and completion equipment and crews fluctuates with the market prices for oil and natural gas and thereby affects the cost of drilling and completing wells. When prices are low there is typically less exploration activity and the cost of drilling and completing wells is generally reduced. Conversely, when prices are high there is generally more exploration activity and the cost of drilling and completing wells generally increases.

  • richardclovis by richardclovis May 21, 2015 10:33 AM Flag

    Briefly..

    News for 'USEG' - (*DJ U.S. Energy Corp. Files S-3 to Sell Up to $100M of Mixed Securities)

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