Risk/reward says it probably goes lower but if it did, I'd be (then) too scared to buy it! Supposed to buy here. Some large players are going to 'buy' it here; sovereign funds, the Arabs (will add and keep adding), China? Domestic institutions will as well (as well as many getting 'out'.) Over-done here in the low $27's. It can go lower. So what if they issue more common? Yes it dilutes but it shows it 'can' do it. I say if they issue more common that's more a positive than negative....if they do it.
Well, if BP is drilling "EXPLORATORY WELLS" that can gush like this, hey there is a lot of Petrol down there, at costs even less than the Middle East. You can kiss Saudi Arabia goodbye (bye my love, the embrace of your flaming jetliners full of passengers on downtown NY was our parting kiss)- Now we know where to poke the holes and get our natural gas. Good luck to you all.
I was in at $30 - just a single paycheck, FWIW. My calculations showed that despite the damages that the Deepwater Horizon will pay off all damages, and then some, within 10 years, plus provide all of that cash flow to keep fat executives happy. Just that one well.