Sabine Oil & Gas Corp (OTCMKTS:SOGC) lost a large chunk of its stock price when it was delisted from the NYSE. From thereon, it had failed to put substantial gains on board. After a slow start in 2015, with minor price movement and low volume, its shares gained more than 50% and surged to $0.29 per share in this week.
Sabine Oil, formerly trading as Forest Oil Corporation, with the ticker symbol FST, was suspended from trading on the NYSE effective December 16, 2014. The average closing price of Sabine was below $1 for the prior thirty days, following which Sabine Oil & Gas Corp (OTCMKTS:SOGC) was delisted from the NYSE exchange. Moreover, the regulator body of the exchange raised questions as the company executed a reverse merger on the same date. The step was seen as a ‘back door listing’. It was the second reason to delist Forest Oil from the NYSE exchange.
The financial performance
Sabine Oil posted dismal number in its 3Q2014 results. Sabine Oil & Gas Corp (OTCMKTS:SOGC) reported cash of $823,000 in 3Q2014. The current liabilities stood at $813 million. The revenue and net loss came at $62 million and $105 million respectively. Investors will closely watch its performance in 4Q2014 as it would throw light on business performance following the mid-December merger.
The other details
The NYSE delisted Forest Oil Corporation on December 16, 2014. It completed business merger with Sabine, the common stock of the merged entity, following which it was delisted from the exchange. The common stock of the merged entity commenced trading on the OTCQB marketplace on December 17, 2014. Forest Oil Corporation to Sabine merger was completed on December 19, 2014. At that time, Forest Oil was still in the process of changing its name. It was on January 13, 2015, it announced that the OTCQB ticker symbol has been changed to “SOGC” from “FSTO”.