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By: Matt Rego

Shares of Paragon Offshore PLC (OTC Pink: PGNPQ) saw shares jump nearly 13% on heavier-than-normal volume. Over the past three months, Paragon Offshore PLC (OTC Pink: PGNPQ) has seen average daily volume of 518,706 shares. However, almost 2 million shares have exchanged hands or around $1.9 million in dollar volume on June 6, 2016.

Paragon is a global provider of offshore drilling rigs. Paragon’s operated fleet includes 34 jackups, including two high specification heavy duty/harsh environment jackups, and six floaters (four drillships and two semisubmersibles).

While there is no specific news out for Paragon Offshore PLC (OTC Pink: PGNPQ), it is highly likely that the jump in the ailing offshore oil company came from a 2.32% rally in crude oil. The big jump in black gold continues along the commodity’s rebound over the past several weeks. As the price of crude rises, oil companies see profitability increase. Paragon Offshore PLC (OTC Pink: PGNPQ) has seen shares decline 89.17% year to date, as the company hopes to restructure in bankruptcy court.

Also keep in mind the 8K filed by Paragon  on 5/27.  An excerpt of which is here:

As previously reported, on February 14, 2016, Paragon Offshore plc (the “ Company ”) and certain of its subsidiaries (collectively, the “ Debtors ”) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).

On May 27, 2016, the Debtors filed their monthly operating report for the period beginning April 1, 2016 and ending April 30, 2016 (the “ Monthly Operating Report ”) with the Bankruptcy Court.  The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.  This Current Report on Form 8-K (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD .

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The information contained in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.

Cautionary Statement Regarding the Monthly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company.  The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court.  The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation.  There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete.  The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act.  Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the Company’s reorganization, the ability of the Company to implement the transactions contemplated by its plan of reorganization in Bankruptcy Court, the general nature of the oil and gas industry, actions by regulatory authorities, customers and other third parties, and other factors detailed in the “Risk Factors” section of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2015, and in its other filings with the SEC, which are available free of charge on the SEC’s website at  Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.