posted
Definetly! Good little rebound from what it could've been...great work getting more at .56...nice low to grab some profit on a red day...I'm thinking we'll get back in the green tommorrow.
Posts: 51 | From: Upstate ny | Registered: Jun 2008
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posted
healthy consolidation.. people jumping on other stocks like UVSE and HTOG, both dilluting like crazy. we have a real winner here, no worries bro:)
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
don't sell bro!! i was here since .076, my first buy. its done this a few times. this gave back over 50% from .34 to .12 i remember and people were bailing. We could see .40 tomorrow, but i will be sucking up as much as I can.
Remember NCEY has something that the others that are being chased DO NOT HAVE:
posted
I hear ya man...it's just scaring me that's all...i know how pennies can be...but everything's adding up here no way it can take the big plunge.
Posts: 51 | From: Upstate ny | Registered: Jun 2008
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Oil surged past 145 dollars per barrel for the first time Thursday as the weak US dollar and Middle East tension stoked black gold's record-breaking run, analysts said. Brent North Sea crude for August delivery hit 145.11 dollars in early Asian trade, before easing back to 144.90 dollars. It had settled at a record 144.26 in London on Wednesday after breaking 144 dollars for the first time.
New York's benchmark contract, light sweet crude for August delivery, hit an intra-day record price of 144.44 dollars. By late morning the contract was 70 cents higher at 144.27 against a record close of 143.57 in the US on Wednesday.
The latest surge followed a warning from Iranian Oil Minister Gholam Hossein Nozari that his country, a key crude producer, would react fiercely to any attack against it.
"Iran, if there were any kind of activity of any sort, is not going to be quiet and would react fiercely," he told reporters on the sidelines of the World Petroleum Congress in Madrid.
He said oil prices, which have been driven to record levels partly because of fears about the loss of Iran's oil output, would rise radically if Israel or the United States launched a military strike.
"That's the kind of talk that kind of juices the market," said Jason Feer, vice president and general manager, Asia Pacific, for energy market analysts Argus Media Ltd. in Singapore.
Western powers and Iran have been engaged in long-running efforts to resolve a stalemate over Iran's nuclear enrichment programme, which the West fears could be used to make an atomic bomb.
Iran, the world's fourth largest oil producer, says its nuclear programme is for peaceful purposes.
The Iranian tensions, along with unrest which has cut output in key African producer Nigeria, and the weaker US currency were among factors combining to push prices higher, Feer said.
"It's the ongoing perfect storm, basically," he said.
The dollar slumped to a two-month low against the euro on Wednesday and held steady in Asian trade on Thursday. A weaker dollar makes commodities like oil denominated in the greenback more affordable for buyers with stronger currencies.
Phil Flynn at Alaron Trading said oil continued to gain momentum amid worries about the global economy, the dollar and other ills.
"Oil is a proxy for everything and an accurate reflection of our deep-seated fears and all of our insecurities," Flynn said during US trading hours.
Feer said the latest report released Wednesday by the US Energy Information Administration pointed to fairly weak demand in the United States, even though the traditional North American holiday motoring season is at its peak.
The report said stockpiles of crude had fallen by 2.0 million barrels in the week to June 27, while petrol stocks grew, Feer said.
OPEC secretary general Abdallah el-Badri said in an interview published Wednesday that US authorities should stop "harassing" members of the Organisation of the Petroleum Exporting Countries (OPEC) cartel.
He argued that sky-high oil prices were not due to "the myth" of the lack of supplies -- as Western nations contend -- but to speculation sparked by a crisis in the US subprime mortgage sector.
Global oil prices have doubled in the past year and have risen by 45 percent since the start of 2008, when they breached 100 dollars for the first time, triggering fears over inflation and slower economic growth.
Protests against the soaring prices have also broken out around the world.
"I think it's becoming fairly clear that the only thing that's going to bring prices down is significant decline in demand growth in the Asia Pacific," Feer said.
Copyright AFP 2008, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
Thanks for the information on this. I did manage to get some today at .47, not as much as I had hoped, though. Well, Monday is another day!
Posts: 24 | From: Minnesota | Registered: Jun 2008
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posted
I'm gettin back in on Monday! There's nothing that compares to ncey...nothing!
Posts: 51 | From: Upstate ny | Registered: Jun 2008
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posted
got back in this morning at .59..ready to ride the BEAST! Any new news/opinions juice?
Posts: 51 | From: Upstate ny | Registered: Jun 2008
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posted
green, nice! and you should know my opinion by now:)
Dollarsssssss coming. ive been saying 2-3.00 from day 1. WAY too much going on here and coming down the pipe the next few months. The market is slowly finding our gem-this has the potential to be best oil/gas play of 2008 imo. I say we rival that of MXC/PDO. (not that we haven't already--- .06-.70)
posted
only good part--> 8-Jul-2008 Triggering Events That Accelerate or Increase a Direct Financial Obligation
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. On June 30, 2008, certain obligations of New Century Energy Corp. (the "Company," "we," and "us") owed to Laurus Master Fund, Ltd. and its assigns and agents ("Laurus"), including a Secured Convertible Term Note entered into on June 30, 2005, in the original principal amount of $15,000,000, which had an outstanding balance (not including any accrued and unpaid interest) of approximately $12,000,000 as of March 31, 2008 (as amended and restated from time to time, the "Convertible Note") and a Secured Term Note entered into on September 19, 2005, in the original principal amount of $9,500,000, which had a balance of approximately $6,351,391 as of March 31, 2008 (as amended and restated from time to time, the "Term Note") became due. The Company failed to repay the outstanding amounts of the Convertible Note and the Term Note (the "Notes") on June 30, 2008.
Pursuant to the terms of the Notes, the Company had three (3) days to cure any default in repayment of the Notes, which cure period expired July 3, 2008, and which Notes remain unpaid as of the date of this filing. As such, the Company is currently in default of the Notes, which default may trigger an event of default and default payments equal to an additional 30% of any amounts due (the "Default Payments") under the other outstanding promissory notes, warrants, options and other related agreements which the Company has previously entered into with Laurus and parties affiliated with Laurus (the "Laurus Agreements").
Payment Default Notice and Short -Term Forbearance Agreement
On or around July 7, 2008, Laurus communicated notice of the Company's event of default under the Notes, alleged event of default under the other Laurus Agreements, and the fact that the Laurus Agreements began to accrue interest at the default rate (as provided in each Laurus Agreement) beginning on July 3, 2008, to the Company.
Laurus also agreed to forbear from exercising its rights and remedies (other than the implementation of the increased rates of interest and the requirement that the Company pay Default Payments) under the Laurus Agreements until 5:00 PM (New York time) on July 18, 2008 (the "Forbearance Period"), or such later time as Laurus may agree in its sole discretion. Laurus did not agree to forbear from administering the credit facility and/or from collecting, receiving and/or applying proceeds from the Company's accounts receivable to the amounts owed to Laurus. The notice also stated that in the event the Company is able to repay the amounts owing to Laurus and under the Laurus Agreements prior to the end of the Forbearance Period, Laurus would waive any default interest and the requirement that the Company pay the Default Payments. The above terms are not binding on Laurus in the event that an event of default has occurred under the notice, including if an event of default other than those described above have occurred under any Laurus Agreement, if any representation made by the Company under any Laurus Agreement was false in any material respect when made, the Company's failure to comply with any covenant in any Laurus Agreement, and/or if any person or entity other than Laurus exercises any rights to remedies against any of our assets or properties.
The Company is actively seeking alternative financing and is currently in ongoing discussions with Laurus regarding the entry into a separate forbearance agreement (the "Forbearance Agreement") pursuant to which the Company plans to seek to stay Laurus' enforcement of the defaults and provide the Company sufficient additional time (approximately sixty (60) additional days from the end of the Forbearance Period) to either (a) refinance amounts due to Laurus; or (b) restructure its currently outstanding liabilities with Laurus through the entry into new notes with Laurus. The Company is also in discussions with various third parties regarding alternative financing for the Company.
The Company can provide no assurances that it will have sufficient funds to repay the amounts due under the Laurus Agreements, following the Forbearance Period or during the term of any Forbearance Agreement, assuming one is entered into; and/or that the Company will be able to obtain any additional third party financing to repay its current obligations owed to Laurus and its affiliated parties. In the event the Company is unable to stay the payment of the Laurus debt beyond the Forbearance Period and/or obtain alternative financing, the Company could be forced to abandon its current business activities, sell or transfer a substantial portion of its assets to Laurus, Laurus could take control of substantially all of the Company's assets and/or the Company could be forced to declare bankruptcy.
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
Oh, oh - this sounds bad. I kept checking for news - but still haven't found what you posted. Up to .74 today and plunge right into the potty! I can't get out right now - guess I will keep my fingers crossed that something happens.
Posts: 24 | From: Minnesota | Registered: Jun 2008
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quote:Originally posted by tomah: Juice - could you explain this to me in language that I can understand, please?? Good or bad? It sounds "not so good".
Not an expert here, but seems like the company failed to make debt payments, and now they are buying time to find the $$$ to make the payments.
Everyone is jumping ship here. This is awful. Posts: 8 | From: Pittsburgh, PA | Registered: Jun 2007
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quote:Originally posted by tomah: Juice - could you explain this to me in language that I can understand, please?? Good or bad? It sounds "not so good".
Not an expert here, but seems like the company failed to make debt payments, and now they are buying time to find the $$$ to make the payments.
Everyone is jumping ship here. This is awful.
I should clarify that my "awful" comment above is aimed at the panic-stricken sellers.
Honestly, the news doesn't seem too scary to me. But the sellers' reactions do. Once they calm down, I think this will rebound as it should. I just wish I would have sold earlier this morning. I'd love to buy back in at this price.
Posts: 8 | From: Pittsburgh, PA | Registered: Jun 2007
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posted
its really not that bad imo. just shows that they are exploring options, and they will roll over balloon payments just like they have in the past. people dont read!! they trade on emotion. remember traders were buying this in the .70s this AM LOL sucks:(
Im buying all i can here
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
Are you getting out, Juice? I can't get out right now - way too big of a loss - guess I will just keep my fingers crossed that something happens. I still can't find the news that you reported. Big jump to .74 then toilet time! Posts: 24 | From: Minnesota | Registered: Jun 2008
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