Trading halt in the US...delisting from NYSE, page-8

So the immediate effect is simply a shift off of NYSE:MKT and onto OTC. They will make some announcement.

As to whether they go under @Mareed that is another thing altogether. Put it plainly - they have no ability to repay to RBL, even if the price they received for oil was $100/BO.

With that in mind the Credit Facility is a minefield. I've checked it for listing requirements and it does not appear to have any constraints (somewhat surprising).

Besides the SSN currently being in default (as far as I'm aware, they have not said anything more about the EBITDAX covenant breach other than seeking a waiver), they are very very short on cash and a SPIKE UP in oil price would likely see them fail to have sufficient liquidity to cash settle the swap agreement (that's the Oct'17 - Dec '17 swaps of 35,604 BO at $44.09

Parkman Whaling is supposedly going to provide working capital (at what cost). Gunna's on his knees whether he knows it or not. How much common stock equity holders recover is the question. There was little interest by others acquiring the property and SSN picked it up cheap amid a "transformation" from their Bakken properties. Looks to me Gunna's gunna  have to try something altogether different in the not to distant future. Hail Mary pass?