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Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s):  RECAF | V.RECO.WT | RCNWF

Energy Metals & Mining Oil & Gas E&P Industrial Metals & Minerals
Reconnaissance Energy Africa Ltd. is a Canada-based oil and gas company. The Company is engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana. The Company holds interest in a petroleum exploration license no. 0073 (PEL 73) in northeast Namibia and an interest in petroleum exploration rights in northwest Botswana over the Kavango Sedimentary Basin. The Company's exploration license covers an area of approximately 25,341.33 square kilometers (km2) (6.3 million acres) of oil and/or gas exploration properties comprising Blocks 1719, 1720, 1721, 1819, 1820 and 1821 situated in the Kavango Basin of northeast Namibia (the Namibia Licensed Property) and approximately 7,592 km2 (1.88 million acres) in Botswana (the Botswana Licensed Property). The two licenses together comprise over 32,933 km2 (8 million acres).


TSXV:RECO - Post by User

Reconnaissance Energy (Africa) Ltd > Bankruptcy 101
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Post by Oregonduckon Dec 28, 2022 5:45pm
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Post# 35194426

Bankruptcy 101

Bankruptcy 101

Pacer, here is the thing on trading bankrupt companies such as Hertz. On the day Hertz filed for Chapter 11, the old stock tanked and fell to about US$0.25, but later pooped to over US$5.0 on subsequent rumors that it would emerge from bankruptcy. The rumors were correct, but under restructuring with new shares.The old share certicates were eventually cancelled The current company is recapitalized from new shares.

The moral of the story is that speculators who bought up the bankrupt Hertz shares at low prices and flipped the shares made quick profits driven up by gullible investors despite warnings from the Company and NYSE that those shares are worthless.

https://seekingalpha.com/article/4410692-hertz-just-filed-ch-11-reorganization-plan-which-will-wipe-out-shareholders

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