Zargon Oil & Gas Ltd ZARFF

Zargon hires Macquarie

[pablo87]

It's on website, boe report.  Seems to indicate a sale. So much for my theories.

[Philbert77]

I am curious what makes you say it indicates a sale. All it seems to indicate is that they are trying to sell.

[Cardboard1]

Now you should be really upset at Hansen. Macquarie was in there for about 2 years and the only deal that came out was the amendment of the debentures in early 2017. Do you really believe that new revelations, potential buyers, etc. will come out now at better prices than say early 2018? We already paid Macquarie for a detailed study over these 2 years and now we are restarting from scratch

[Bonecreek2]

Could not agree more with you!!

[rad10]

Couldn't have said this any better cardboard................... The gravy train just keeps on rolling.................. Still think the defiant debenture hoders were greedy?  Or just prudent?

[Cardboard1]

"Still think the defiant debenture hoders were greedy?  Or just prudent?" Look Rad10, you are obviously upset with not getting more than the 92% or so of the company with your debs but, does it really matter if there is no bidder at all? 92% times zero or 100% times zero is still zero. There are auctions where there are no bid or only ridiculous bids and this looks like one of

[rad10]

Oh Cardboard - you go form acuity to opaque in just a few short hours....... I never wanted any equity in this steaming turd.................. I just wanted to preserve seniority for as long as possible and accept a PIK in March.  The conversion has enabled senior management to "rinse and repeat" - that is exactly what we are seeing unfold. The Twin Butte debacle was a great

[Cardboard1]

"I never wanted any equity in this steaming turd.................. I just wanted to preserve seniority for as long as possible and accept a PIK in March." Sounds like you lost without your own will your seniority virginity... LOL! That will teach you to keep on playing with fire! Never wanted any equity... You thought you would win them all? Most brokerage firms consider

[helgek]

Clearly, investors who purchase Debentures wish to receive healthy interest payments, and accept the "risk" of forced conversions. However, speaking for myself, it is totally unreasonable for management to force conversion at $0.10 when the shares are traded at $0.04.

[rad10]

Believe me that cherry was popped a few decades ago............... I aim to "win" 6 out of 10 cardboard - anything more is a plus.  Notable great "wins" of 2018 include include Aimia preferred and secured, Hydro one IR, Fortress and IBG debbies. Getting parity out of the debentures in Zargon was never realistic since this debacle started.  Getting 70 - 80% would be

[pablo87]

Hansen hasn't sold a single debenture or share since August. If the ship is going down...

[Cardboard1]

"Getting parity out of the debentures in Zargon was never realistic since this debacle started.  Getting 70 - 80% would be best case scenario.  Bailing at 30 - 35% makes no sense." Do you mean the Canadian oil debacle (TransMountain/crazy discounts) or this transaction? My view is that you could get back par but, it will take some time. For that we need the company to

[rad10]

Hi Cardboard I was referring only to zargon  - recovering most of face value on the former debentures will be an exercise in patience.  Listening to some of the ridiculous commentary on this BB about the ND assets "printing cash" and "refinancing the debentures" has been amusing.  Two real buffoons didn't even see this arrangement coming! Hansen has managed

[Cardboard1]

Right and why would any of the companies you mentioned want to acquire Zargon assets? Spread around, not in key basins, high costs? Most acquisitions need to have synergies so most recent arrangements were bolt-on. And I would be surprised if any of the company that you mentioned generate profits or at least in reasonable fashion to use up quickly their tax carry-forwards. The only smart route

[pablo87]

reality is, ND asset sale and Macquarie co sale need to be coordinated - whether ZAR buys assets with ND proceeds or co merges/acquired by another, we end up with shares of some entity. The advantage of a sale is the buyer will probably shut in ASP ASAP whereas CH may not...hopefully the entity we have shares in will be generating positive cash flow because I'm afraid were in for a long period

[EstevanOutsider]

hey Cardboard1, nice to see you here.  I just took another look at Zargon a couple months after I had it on my soon-to-bankrupt risk earlier this year from Q4.  First thing I noticed the company has 12 office staff but only 4 field staff.  Secondly, no near term debt if  I understand?   It seems Zargon merely ran out of money for capex spending. Could an equity

[RollinInDough]

yes equity raise... good one.... they only half a billion shares out @ 3 pennies...  half a billion just ain't enuf... so maybe they need $20 mill... so float another half a billion shares!  then they will have a BILLION shares out... that is much better... then everyone can use all those shares as wall paper.... the shares certificates would be cheap wall paper... way cheaper then

[pablo87]

They seem to be in a real hurry to get it over with, why exactly we do not know...

[pablo87]

You're right. It behooves Craig (and we should be happy that he's doing so) to evaluate all options - now that the debt is "eliminated", the co. should be eminently more marketable which was the idea behind converting the Debbie's to begin with. Plus we don't know what the agmt is with Mcquarrie - they may be on a short leash, obviously an ND asset sale is excluded. I do