I just read the 10k of the past 2 yrs to research this co. Apparently the ceo strategy was based on ng price $4 or higher; xco is over leveraged as a result of the slumping price. I can't believe that the 10k still said the company biz is substantially depends on Douglas H. Miller. What is failure in today corporate culture! I can't wait for him to go. I think the stock more likely go lower. The company will probably issue more shares to buy time. Anyone object my reasoning?
I am under the same belief as you, have followed and researched as well, I believe we will go down further just based on the movement of the dow. I am 3000 shares deep at an averaged down cost of 7.22 a share, this does not concern me because I don't believe we would see much more than a 10-15% drop. Not saying I want to loose that much but I am long on this and willing to wait for the return. I am trying to average down on the dips, the problem I have is, is trying to figure out where were headed in the markets, dangerous to be playing when the DOW is 13000. All indicators suggest were headed north based on earnings , employment and the general outlook. I got caught up in this mess in past months when fluctuations were down 400 to 500 pts one day, and then back up the next. This cost me 20,0000 already. If I would have just sat tight I would have it back, now I'm chasing but with other positions that have been beaten down. They as XCO will payoff at any level here as long as you have the will to stay long. NO way bankruptcy, balance sheet strong enough to sustain through this. Just my opinion. GOOD LUCK.