i believe it has to do with the future commitments pony ceo made to transport and midstream companies.
he was talking about a company moving up to 200k boe/d
so he made deals with other companies so he could secure that growth.
that was a few years ago.
pony has almost $200m in "notes" on its balance sheet. this was from a "deal" CEO made with a a US hedge fund. aka loan shark.
these guys would be more than happy to take pony shares in exchange for their notes. one of them is already convertable.
investors see pony as a highly levered entity. and there is hidden leverage that most investors don't see. but some have.
my sense is pony is going to need to do what bxe just did. swap some of their debt for equity.
this had negative effects for bxe shareholders.
this is just a guess by me. and guesses have a way of being wrong and looking silly.
pony was a feel good story for a while. such a cute name for a gas producer.
I hope things turn around soon.