The recently delisted form the NYSE penny stock of Forest Oil Corporation (FSTO) ended Thursday’s trading session as the 2nd most traded (1,206 trades) OTC listed stock under $1. Beat out by Electronic Cigarettes International Group, Ltd. (ECIG) by less than 40 executed trades (1,243 trades), FSTO stock heads into the holiday break with a new name (Sabine Oil & Gas Corporation) and some new found investors now that it’s landed itself at the bottom of it’s stock chart. After just 15 months ago almost being a $7 stock, the recent plunge in oil prices which more or less forced the Company to sell its Arkoma Basin natural gas properties for after-tax cash proceeds of approximately $185 million, yet a rarely used loophole might just have triggered bottom feeders to load up.
Want to crush the Markets and make profits of $624, $2,897, even $40,656?
Click HERE To Make Sure You Get All Of Our Penny Stock Alerts!
FSTO Stock Quote
Last 5 Trading Sessions:
Energy companies, especially those in the business of selling natural gas, have been taking a red-headed stepchild like beating over the last few months, one which Forest Oil Corp. simply could no longer withstand. Forced to leave the NYSE due a drop in their market cap, the Company who’s revenues look to be half of what they were a year ago, the drop in share price, to as low as 0.175 when FSTO began trading on the OTC on Wednesday, was only the tip of the iceberg.
According to a report published on Wednesday by Bloomberg (see here), The Company’s bonds lost nearly half their value after the company revised its merger agreement with Sabine Oil & Gas LLC to eliminate an offer to redeem the debt at 101 cents on the dollar. The method, seen only once in the last 7 years when a merger occurred, took $800 million of bonds and crushed them to pieces even though the Company said in a July 10 statement that the merger would trigger change-of-control provisions and entitle holders to receive 101 percent of the bonds.
While the bonds are one thing, the newly created FSTO stock is another. OTC traders love to see big named companies get delisted from the big boards and float their way over to the OTC where they spend the majority of their time looking for a ticker to flip. Coming off a very creative and devilish move to eliminate a shift in control, the prospect of FSTO stock arising from the ashes that it has created by burning bond holders appears to be imminent.
The move from the NYSE to OTC opens a door for penny stock traders and the 10K which includes all of the details of what Sabine Oil & Gas Corporation has and doesn’t have will be a read all will want to engage in. With dollar volume, a proven track record of bringing in revenues and a brand new ticker for all to flip, FSTO stock has the makings of a holiday season gift for all those willing to go jingle their way back up to $0.50.
Looking for the Best Penny Stocks to Buy?
Click HERE To Receive FREE Penny Stock Alerts
About FSTO Stock
Sabine Oil & Gas Corporation, fka Forest Oil Corporation, is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
Issued and Outstanding: 119,374,111
With current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, the Granite Wash in the Texas Panhandle and the North Louisiana Haynesville, FSTO stock is a must have on the list of penny stocks to trade today. FSTO stock dipped from 0.29 to 0.216, it’s closing price, which should dip a bit lower, considering the time of the year we’re in. Waiting for the share price to get below 0.20 is probably a safe bet for those still willing to look long during the holiday trading season.
[gravityform id=”6″ name=”Post” title=”false”]
We are 100% Anti-Spam and will never rent or sell your information.
Although many of our picks go up 100%, 200%, even 10,000%, there is always the chance a stock could move lower.