Posted on 05/12/2015 4:46:11 AM PDT by thackney
American Eagle Energy became the fourth U.S. energy producer to file for bankruptcy protection in the aftermath of the big drop in crude oil prices.
The Colorado-based company that buys and develops oil wells in the Bakken oil fields of North Dakota and Montana filed for chapter 11 bankruptcy protection on Monday in Denver’s bankruptcy court. American Eagle Energy, which recently missed an interest payment on its debt, listed assets of $222 million and liabilities of $215 million.
Shares of American Eagle Energy traded for as much as $7.05 less than a year ago, reflecting the stunningly fast collapse of oil prices in recent months.
(Excerpt) Read more at forbes.com ...
To be bought, no doubt, by the Saudis?
+ 1 for Vladimir.
big doubt
Russia, reeling from cheap oil, talks up OPEC ties
http://www.reuters.com/article/2015/04/15/us-russia-energy-opec-idUSKBN0N60OZ20150415
Apr 15, 2015
Russia has been holding active, “unprecedented” consultations with the Organization of Petroleum Exporting Countries, a senior official said on Wednesday, a clear signal of Moscow’s strive for higher oil prices.
Russia has stepped up contacts with OPEC after oil prices plunged last year, however it has dismissed any suggestion it might cut output to prop up prices, saying it is technically impossible to idle production due to the harsh climate in Siberia, the heartland of Russian oil production.
Russia, one of the world’s top oil producers, expects its economy to shrink by 3 percent this year, following an almost 50 percent drop in oil prices since their $115 per barrel peak in last June.
Like Chesapeake’s former CEO Aubrey McClendon, American Eagle is run my a Landman.
I have a problem with a company run by promoters.
And guess what? Aubrey is an owner of American Eagle.
What he touches goes South, ultimately.
One of the world's top producers is one of the world's most effective market manipulators.
You don't believe Reuters when it reports US unemployment numbers. Why would you believe this?
People will let you spoon-feed them pigeonsh-t as long as it’s what they think they want to believe.
Perhaps you have a better source of information?
It’s true, ain’t it?
Fast-talkin’ Aubrey gives oil boom hustlers a bad name.
‘Fast-talkin’ Aubrey gives oil boom hustlers a bad name.’
He sure capitalized on ensuring he made his bucks.
He would have survived if the oil shale boom had not taken off and gas was the future.
The oil industry requires someone with at least some technical skill, as seen by the vast bulk of prominent CEOs who are successful,
I believe we had this conversation before.
If I brought it up a second time, apologies -- I am weary seeing people miss the obvious for the obfuscation of the headlines.
OPEC and Russia have had public and private talks for years. It is not something new.
So far, the converstations appear to be summed as:
OPEC: Want to join us in cutting production and raising prices?
Russia: No thanks, you cut production and we will sell all we can at the higher prices.
Both sides have publicly acknowledge the conversations, many times. Both sides have made public statements about current meetings.
My take: I don’t confuse headlines with the information actually in the articles.
Cheers!
The idea that Russia is anything but in complete control of the situation (i.e. “on the ropes” or whatever) strikes me as absurd.
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