Completion Reports August 16, 2017 - Oklahoma Energy Today
ALFALFA COUNTY Chesapeake Operating Llc Mississippi(6600): Gas 8 7 23N 11W Ebersole A (Ebersole 2-a) 2-7, July 26, 2017 SH, TA, TD: 7324 ft Lat: 36.48298, Long: -98.42425 API: 35003207020001 DEWEY COUNTY Jma Energy Company Llc Cleveland: Oil 82 Gas
whoa what's happening there? Up 12%?
Commons up 3 cents today??? Heck yea! Only 25 cents away from my average position! lol
The spread for preferred A and B used to be 40 cents,. now separate by $3
MicroCap News Alert: - Startup Clean Energy Technologies (CETY) buys General Electric “Heat Recovery Systems Division” and within 2 years achieves break-even with sales now set to soar and to be profitable.
CETY announced today the launch of Pacific Rim Initiative with over 20 locations already identified by CETY and PPA power company authorities.
Early orders likely to exceed $25 million in annuitized sales. 12 month target price $.25
CETY/GE proprietary oil-free magnetic levitation turbine technology shatters the competition’s old oil-lubricated screw expander technologies.
Company expects to up list to NASDAQ.
CETY's implementation includes creative lease financing structure, that facilitates rapid adoption and ease of entry with long-term payment structure that allows the utility user to align its investment with actual energy and cost savings realized through use of Clean Cycle™ units," said Kam Mahdi, CEO of CETY.
CETY being welcomed with red carpet to largest markets in the world in need of clean energy.
Clean Energy Technologies (CETY) Launches Pacific Rim Initiative
COSTA MESA, Calif. , Aug. 15, 2017 Clean Energy Technologies, Inc. (OTC: CETY) announced that CETY officially launched its new campaign to deliver its energy solutions to Island Nations utilities at the ...
80 CENTS BEFORE DAYS END!!
Still, don't get why GST is falling while oil is up $1.35....
Just want to put this out there, I thought it was strange action today at first until I delved deeper. They put the term loan into PIK until Dec 2018. If bankruptcy and (NewCo) is needed, this is how they are going to pull all the equity from lower tiered claims. If there is a recovery, than at minimal the preferreds are dead money until after December 2018. Thanks to the PIK of the revolver, the preferreds would only get a small equity stake in (NewCo) if anything at all if that were required. The common would be completely worthless in that scenario. Any bet on the equity side of this looks like a long shot to me...
Anyone see the PIK development differently?
Felt like Ares was scooping Preferreds and Common on the cheap today. How soon will we know if they did indeed add to their positions? TIA
from the conference call today: New COO Steve Roberts [19 years with Jones Energy] has moved to quickly and decisively to correct operating problems in completing wells - found a lot of equipment failures, have moved to more reliable vendors and moving to get reimbursement for monetary losses. GST says they are bottoming 2Q17 in terms of drill results. Want to get all their assets into production by 2019. "2Q17 is the low point in terms of corporate performance." Want to have 2 rigs operating by 2018. $38 mil cash now on balance sheet plus $58 mil working capital, expecting large payments 3Q-4Q17 since they are now successfully completing wells and expect their partners to pay them. They say Ares Capital is a very strong sponsor and creditor [they are in fact a highly regarded, leading creditor in mid cap and small cap space], says they are on board with Company's plans to shore up liquidity. Say they can always sell assets or do additional JVs if necessary. Term loan by Ares now paying in kind through 12/31/2018. Can only be 1/2 pay-in kind beginning 1/1/2019. [so cumulative pfds will catch up on omitted dividends once term loan is cash pay in all likelihood]. Co increased the capital expenditure budget by $45 mil to $129 mil [obviously the strategy is to shore up liquidity in bid to benefit from rising prices]. For price realizations, they earn 90% of Henry Hub gas prices and 2% better than posted WTI prices. Although all fncl metrics improved 2Q17 year over year, opex exceeded guidance due to higher water costs. note: GST previously caught up on omitted dividends 1/31/2017 covering the period 4/2016 forward.
The preferred shares are likely being a acquired by ARES today. I have to believe Porter was given the stock award because deferring the divvy on the preferred probably didn't sit well with him. I intended on buying the preferred today but I couldn't believe the reversal, that is what led me to believe ARES is likely buying them. A bankruptcy is probably out of the question unless oil falls and well performance doesn't improve. The capital structure makes a BK less likely (but not out of the question) I have already bought more common today. The COO is likely to see results on drilling completions which should give today's buyers a good pop on the stock from this low level.
time to pay more divies to the preferred. lol. glug glug glug. the sound of a company being looted and common shareholders walking the plank. lol
Captain Sex Barf
unbelievable....clearly ARES and GST management don't give a DAMN about shareholders. i'm out.
GST is setting themselves up as a take over candidate. Clearly obvious.
I don't get it.... wasn't this the best earnings report they've had in years? Weren't the preferreds trading in the mid teens at the end of last year with the dividend suspended? Didn't the debt equity swap with Ares and the push out to 2022 make the company stronger than it was then...?
Seems strange to me...
10Q 2Q17 $250 mil Term Loan with Ares Capital was amended Aug 2 2017 (Amendment 2 to 3rd Amended and Restated Credit Agreement) to allow interest to go pay in kind "PIK", bumping quarterly interest up to 10.25% vs 8.25%. Can only be 1/2 PIK starting 1/1/2018. If the preferred A is not paid in full and on time for 4 full quarters, then must be fully paid up or rate increases to 10.625%. "under certain circumstances, "pay in kind" dividends of additional shares of Cl A pfd are allowed.