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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Resaca | LSE:RSOX | London | Ordinary Share | COM SHS USD0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.50 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
14/3/2012 21:41 | Cano are as good as in administration as of 8th march. They have what is known as a stalking horse on the sidelines[bidder]. Is it resaca! | targatarga | |
14/3/2012 03:35 | mypension - i have a feeling that enhanced oil extraction using water injection was at one time glamorous. Nowadays fracking is in vogue. Gas in america is now apparantly dirt cheap due to shale gas. We appear to have a buyer in size most days... hope this helps | targatarga | |
13/2/2012 12:51 | I see RSOX was at one time $40 and today anout 40p What is the chance of reaching $40 again???? Does anyone know the histoey of why such a massive drop. I know the merger did not happen but why did that reduce the asset value so much? | mypension | |
11/2/2012 14:15 | Just had a look at cano who resaca wanted to merge with... not good.. they appear to be short of cash and clutching at straws.... imho | targatarga | |
11/2/2012 14:04 | Spoke to my broker who was pushing these a few years ago. Most clients have sold long ago. A few like me still hold ... imho | targatarga | |
10/2/2012 13:29 | Big drop again today | oilbuy | |
22/12/2011 09:51 | no nasty shocks in the figures... Think maybe in a few years these could be higher.... imho | targatarga | |
30/11/2011 11:36 | still sliding.... problem with these appears to be lack of direction. They did say when trying to merge with cano that they wouldn't dilute. Hints in last figures that they would..... imho | targatarga | |
18/10/2011 20:04 | wouldn't have thought so after the last rns. yngwie. | yngwie | |
18/10/2011 19:54 | Feels like bad news acoming.... | targatarga | |
17/3/2011 07:27 | slight tick up yesterday... Does that mean price action to come? about time... | targatarga | |
25/8/2010 12:37 | August 25, 2010 The Proposed Merger Between Resaca Exploitation And Cano Petroleum Has Fallen Through The dust has now cleared. AIM-listed Resaca Exploitation will not now be merging with fellow Permian Basin, Texas, in the US, oil and gas developer, Amex listed Cano Petroleum. Early in July Resaca said that it was actively involved in ongoing discussions with Cano Petroleum regarding alternative financing structures that permit the consummation of the merger of the two companies. Since then, however Resaca has said Cano has terminated the previously disclosed merger agreement with Resaca. Commenting on the termination of the merger agreement J.P.Bryan Chairman of Resaca, said: "We have received a notice from Cano they have terminated the merger agreement with Resaca bringing to an end more than a year's effort to combine these two companies. This is a disappointment to those of us at Resaca who know this event would have been extremely beneficial to the shareholders of both companies. We developed an appreciation for Cano properties and respect for many of their personnel. Unfortunately, long delays with the SEC due to the need for two extremely detailed registration statements, difficult equity markets and a failed stock underwriting have ultimately led to the failure to conclude the transaction." The merger, which would, in effect, have been a reverse takeover did seem to have a compelling logic. Talking at an oilbarrel.com conference last February Resaca CEO Jay Lendrum said:" This is a real merger of equals". He pointed out that the Resaca and Cano common shareholders would each own about 50 per cent of the combined equity. Even so Resaca would have become the surviving company and have had four to Cano's three executives on the Board. The deal seemed to make solid business sense. Both concerns were in the business, as Resaca Exploitation' name suggests, of developing known reserves in the same area of Texas and New Mexico. Their asset bases offered mature, long life production with significant secondary and tertiary recovery potential through water-flooding and C02 injection. The union would have pumped up Resaca's reserves and production numbers to 63.3 million barrels of oil equivalent of proved reserves and daily production of 1,900 bopd (1300 from Cano). The implied price would have been US$2.96 boe of proved reserves and US$14.41 of proved developed reserves. At the time when Jay Lendrum was speaking at the oilbarrel.com conference, the shares were trading at well under the equivalent of US$1. The shares have taken a tumble in recent months falling from just over 3p on London's AIM in June to around 1.75p recently. If the Resaca's executives are disappointed at the collapse of the merger, they are also defiant about the future. J.P.Bryan said: "Just as we disappointed by the result (of the merger collapse), we are more determined than ever to grow the assets of Resaca. We are not seeking any "strategic alternatives", a euphemism for selling the business. We intend to grow this enterprise and the failure to conclude this combination is a setback for a moment in time and not for a lifetime." The company pointed out that as of December 31 2009, Resaca had 3P reserves of approximately 36 million barrels of oil equivalent (mmboe) with a PV10 value of US$512 million and excellent opportunities to increase production significantly at the Cooper Jal Field and the Penwell complex. J.P.Bryan also said: "During the past year, we have evaluated numerous acquisition opportunities and will now pursue those we deem most advantageous for Resaca." | standtall | |
16/8/2010 21:12 | trustman - yep, unfortunately they are out of vogue. Managements time wasted on cano and a failed funding... imho | targatarga | |
16/8/2010 17:40 | is this stock trading or not? | trustman | |
21/7/2010 19:50 | Amazing ~ cano released yesterday that deal is off..... | targatarga | |
20/7/2010 19:12 | Announcement imminent? | targatarga | |
12/7/2010 19:45 | The report that the merger is probably still on hasn't moved RSOX, still 252c but Cano is up 7% to 52c. Hopefully we can move forward soon. And we need production figures! | lunartik | |
07/7/2010 19:31 | Resaca now 252c, but Cano have been hammered again now 49c, down 12%, on what is generally a good day for the markets. Maybe the failure of this deal was about more than just not being able to raise $20M in new equity because of the markets. Cano certainly seem to be friendless at the present time. I certainly hope that Resaca will update us soon regarding our production etc, and whether we are to go it alone now. | lunartik | |
06/7/2010 18:54 | RSOX were trading at 58.5c prior to the suspension. After for 5-1 stock consolidation were trading at (it appears) 269c. We should be 292c if we'd held value, so I guess we're down about 6% after the deal has foundered. Who knows whether it will be resurrected - maybe once the markets are a bit quieter. Thus far we seem to have got of lightly, Cano are 59c, so they've halved over the last few months. We are down around 25% over the same period, but then so are many oilers. I think Resaca were always the stronger partner, Cano had the reserves and more production, but also large amounts of debt. Maybe once the dust has settled, we could get them even cheaper. But overall I think the future looks bright for a US onshore oil producer. Lets hope they spend a bit of time now on getting production up. They've probably wasted large amounts of management time on a merger that hasn't happened. | lunartik | |
30/6/2010 19:29 | Now that the merger and fundraising have been postponed Cano is down 31%. Will we suffer a similar fate tomorrow, or could we be up? | lunartik | |
05/4/2010 12:23 | cano still on the up! | targatarga | |
01/4/2010 09:58 | I guess that for some reason they are now quoted in US dollars rather than pence | wolstencroft | |
01/4/2010 09:44 | Hi can anyone tell me why these are rock bottom now down today -98% or is it just a april Fool!!!! | parmo |
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