todays decline also was related to a pipeline leak problem since 80 percent resolved 4/30 in one of their main fields. they hope to have all resolved very soon. small affect on cash flow and production this quarter. may have made a short term buying opportunity imo, capex weighted toward 1st 2nd quarters, so free cash flow with additional debt paydown from non strategic asset sales should make rest of year more positive overall. it is a smaller version of lightstream's turnaround with more to prove imo. you get these opportunities once in a while, like when longview dropped before sale, lightstream when it went to $5CA back to over $7CA now, and before in pgh/erf. if they can continue to execute which seems like they will, good time to add.
I'd like to note that they are getting a really good price for their NG, unlike some of my other holdings and this is a big plus, year over year. Hopefully, this will continue to go up some in the next year.
Also, as they improve their proven production capacity, they will be a better takeover prospect.
I am buying on this dip and plan to hold 2-5 years, collecting dividends and hoping for a buyout at about $6-9 a share in that time.