Alpine Summit Energy Partners along with Ageron Energy, Ageron Ironroc file Chapter 11. One of the first for this cycle that I've seen.
Houston..we have a problem....
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Last: 2 days ago by Ag CPA
Where are you getting this news?MAROON said:
Alpine Summit Energy Partners along with Ageron Energy, Ageron Ironroc file Chapter 11. One of the first for this cycle that I've seen.
Thanks. That is interesting.
No idea what they own, but any management team going bankrupt right now must be a special level of terrible.
This doesn't surprise me at all
That thing would have gone BK in the best of environments. Prayers for Bank7, good luck with that.
Fringe Austin-Chalk. That sounds bad just typing ittopher06 said:
No idea what they own, but any management team going bankrupt right now must be a special level of terrible.
AggiePeeps06 said:
Any landmen on here who have dealt with leasing or acquiring subsurface rights - separate from the surface and not minerals? Would love to connect if so.
You can send me a message. I spearheaded this in the past 2 years for our company.
Bank7 good guys, hate to see it. The alpine guys did some interesting things.
Interesting as in fraudulent or interesting as in stupid ?
MAROON said:
Alpine Summit Energy Partners along with Ageron Energy, Ageron Ironroc file Chapter 11. One of the first for this cycle that I've seen.
LOL! These guys were sniffing around the Chalk not too long ago and buying up acreage. Must have not hedged, realized prices are crap now and probably under capitalized.
They had so many cooks in the kitchen and the CEO just looks like a *****. Check out the management team. Looks like they removed the dozen or so other executives they had last time I checked in.
https://www.alpinesummitenergy.com/team
What does the CEOs Uber Ride Rate mean???
Owen Kellogg said:
What does the CEOs Uber Ride Rate mean???
He's a *****, couldn't even be rated as a 5.0.
Stupid and overly complex imo
Thanks. Yes I've looked at their 10-k. Overly complex structure for sure
Microcap E&P companies exist only to pay management. This one is no different, bad assets and a management team with no track record. Has one of these ever been successful?
CFO bio is hilarious. At least it doesn't have an Uber rating though.
How does Bank7 make these guys a loan? For real?
How does Bank7 make these guys a loan? For real?
Danwell Home said:MAROON said:
Alpine Summit Energy Partners along with Ageron Energy, Ageron Ironroc file Chapter 11. One of the first for this cycle that I've seen.
LOL! These guys were sniffing around the Chalk not too long ago and buying up acreage. Must have not hedged, realized prices are crap now and probably under capitalized.
They had so many cooks in the kitchen and the CEO just looks like a *****. Check out the management team. Looks like they removed the dozen or so other executives they had last time I checked in.
https://www.alpinesummitenergy.com/team
Lots of Ivy League degrees and very little real o&g experience, zero mention of where their assets are located, pretty pictures of mountains on their site - what could go wrong?
Well they have an Aggie over Ops so I expect that to be solid.
Doubt they have any actual production!
Very little. $30mil in revenue for 1Q23. Supposedly brought on seven wells to production in first four months of 2023.
I've lost as much money on aggies as any other profession. Only thing with a higher loss rate is OU Land Mgmt/landman led companies.
I'm too lazy but was this entity operating or non-op. I'm trying to reconcile the keep wells on comment in the Day 1.
Agree with this. I still give some preference to hiring Aggies, but anyone who thinks an Aggie doesn't lie, cheat or steal (or be generally incompetent) at the same pace as another massive state school is going to get burned.
I think they were an operator per their 10-k. Looks like they set-up a bunch of Drilling partnerships where they acted as GP. Will be a messy BK with all those partnerships involved.
And to answer a previous comment - yes they hedged. They had a $18mil gain from hedging in 1Q23
And to answer a previous comment - yes they hedged. They had a $18mil gain from hedging in 1Q23
I've ran through many aggie CEOs, CFOs and COOs in oil and gas that I wouldnt let watch my dog. Huge combination of incompetence and borderline greed/fraud. It's rampant in oil and gas given relative low barrier, however, aggies are not immune to this.
You seem to despise anything O&G related. Why are you so active on this thread?
Need to see if that was at the partnership level though not included in the bankruptcy. Bank 7 and per my understanding the other banks did not have desks, unless they brought in a 3rd party.
I know the debt provider on the SPV which is not in the estate, has a desk.
I know the debt provider on the SPV which is not in the estate, has a desk.
Think he is on the finance side. There is quite a bit of contempt for the general irresponsibility in many companies, particularly many of the under qualified privates. Can't really blame the finance guys for this because it can and has severely impacted many jobs, just hope the competent and honest management teams are actually given some credit and aren't just thrown in the same pile as the worthless teams.
Looks like Alpine Non Op'd w/ Ageron the operator with their STX deal. Seem's pretty hasty for them to file BK as I'm pretty sure they made good money during their activity last year.
the partnership might not be in the BK, but their ownership in each partnership is part of their estate. It could be impacted, especially if (and probably when) this thing converts to a 7.
topher06 said:
Think he is on the finance side. There is quite a bit of contempt for the general irresponsibility in many companies, particularly many of the under qualified privates. Can't really blame the finance guys for this because it can and has severely impacted many jobs, just hope the competent and honest management teams are actually given some credit and aren't just thrown in the same pile as the worthless teams.
I can. Their greed keeps pulling them to invest in something they don't understand. Blaming the people you handed the check to make you money is the same level of incompetent.
Especially when a good number of these failures are the PE companies playing games to move debt around from the various entities they have underneath them in shady accounting gymnastics.
+11 gas rigs on weekly rig count report.
just saw that, with five fewer oil rigs. It's like upside down world
What do you boys want for breakfast BBQ ?.....OK Chili.
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