Dergaix has only experienced it once, but so far he does not like the idea of being robbed. He'd prefer that things that are his stay his, and things that are not his become his.

He can't lift an Auroch, but he's had quite a bit to eat already.

The Bag weighs 15 pounds. He can lift it no problem.
It has the baby Orc. It looks somewhat valuable.

Dergaix's mother liked to collect valuable things.
Maybe Dergaix should start today?

He picks up the bag and flies off.

What the fuck did we do, or which god did we piss off, to deserve this.

There is enough air in the bag for 10 minutes.

After that you can hold your breath for 2 rounds * 10 Constitution = 2 minutes.

After that, the constitution checks start at DC 10 and go up by 1 every round. Statistically, you will fail one of them pretty soon, after which you fall unconscious, begin dying, and then die.

Nub waits about 5 minutes before stealthily stealthing the bag open, and slipping his head out for air.

No he doesn't. You can't open a Bag of Holding from the inside. You could stab the bag from the inside if you wanted, but you wouldn't end up on Golarion, you'd end up in the Astral.

What kind of monster would interpret the rules like that? What did Nub ever do to him?

Fine. Mostly Nub has gotten things out of the bag by turning it inside-out, and then putting everything he wanted to keep back into the bag again.

Can Nub turn the Bag of Holding inside-out from inside the Bag of Holding?

Without opening it or puncturing it?

Only if he is a PhD level Topologist.

Nub would like to pray to the gods. He doesn't do that often, because it doesn't seem to matter. Nub prays to the Goblin Hero-Gods, who were freed from Asmodeus by Lamashtu, and who created the Goblin race and who will lead it to greatness.

Nub prays to Hadregash, who taught goblinkind tribal loyalty, strategic thinking, and deference to authority. Nub didn't think strategically enough, and has never been particularly loyal to his tribe. Has Hadregash forsaken him?

This situation is survivable. You should at your first opportunity tell the dragon you will humbly obey it and that you have great value as a servant. Normally it wouldn't believe you because like most Goblins you are Chaotic, but fortunately it has good Sense Motive and you have trash Bluff, so rationally it'll believe you if you appear to be telling the truth, which you should be doing because again you have trash Bluff.

Once you've done that, you can repay your tribe for all your past mischiefs and more by getting them in early on the next local power structure. By the time some hero kills this wyrmling your ingroup will have already gotten enough resources for long enough for the whole affair to still be a net win.

What do you mean I can just truthfully tell the dragon I will obey it and be a useful servant? I'm not an idiot, obviously I'll turn and run the first chance I get.

Also, he doesn't speak Goblin.

Those are just skill issues. The Goblin Hero-Gods will not solve them for you. It'd just weaken the gene pool.

Nub prays to Venkelvore, Hadragesh's consort, who's hunger causes Her to steal food even from the other Hero-Gods. She teaches Goblins to be always hungry, that enough is never enough. She got him into this situation, didn't She? Maybe She can get him out of it, too.

You've had a surplus of available food for months now. If you'd just produced a few dozen children already, evolutionarily speaking it wouldn't matter that you're about to die.

But I wanted more food and stuff?

Wanting more food and stuff is for people who've saturated their ecosystems local carrying capacity. Breed more, then come back to Me about feeling hungry.

Nub prays to Zarongel the Bark Breaker, who taught goblins how to kill dogs, and who has fire for hair as a gift from Lamashtu that Nub doesn't really understand at all. Does He have any advice?

Buddy, just try your best to kill the dragon. It's not totally impossible. Even if you can't do it, at least give it your best shot. With enough Goblins one of you will figure out a way that works eventually, and then he can tell the rest.

Nub prays to Zogmugot, Lady Lastbreath, who is goddess of scavenging and flotsam and drowning, who tricks the unclever with shiny things and then drowns them in the sea if they displease Her.

Why not just grab all the valuables while they're still in reach and take your chances in the Astral? You've only got a couple rounds left either way.

No help at all, figures.

Nub is going to try to do every useful think he still can while inside the bag, and then if nothing happens until right before he's about to pass out he'll try to cut it open and see what happens after that.

A few thousand feet in the air, and a few miles south of where those adventurers last saw him, Dergaix stop flying, and pulls Nub out of the bag.

Retrieving a specific item from a bag of holding is a move action, unless the bag contains more than an ordinary backpack would hold, in which case retrieving a specific item is a full-round action.

Nub's not an item, he's a creature. Rules as Written, there's no way to take a creature out of a Bag of Holding.

Then Dergaix turns the entire bag inside-out.

Do the contents all fly apart in random directions?

The canvas sheet of a camping tent is tied into a bundle around the adventurers spare clothes, scrolls, the Aurochs horns and meat, Nub's rabbits, and a few rocks that Nub thought were shiny.

The other end of the rope is around Nub's waist, along with the coin purse and a small bag of every potion and useful alchemical item Nub could find in the Bag of Holding.

They are 4600 feet in the air. They will fall 500 feet in the first round, and 1500 feet in each subsequent round.

Dergaix would like to attempt a DC 20 Fly check to stylishly fall at the same speed as Nub, and thereby remain only a short distance away from him.