I am staying the course,I am remembering what I like here and that is more and more proven reserves. This will turn around just do not listen to the shorts and the nay sayers. Watch what happens when this turns and they get slaughtered, I will be the first to rub it in.The struggles here after 2-3 years will pay off and as they tap their reserves which they will its money in the bank.So to all you sceptics watch and learn.
Larry, please see my post to Ed re theories behind why the company seems to be sandbagging perceived value. I am long like you, and plan to hang in here because I dont see any reasonable prospect of a reorganization this year, and think the company will sell off some of its assets to fund capex. Indeed, it will be forced to. Investors wont sit by idly and allow the company to issue PIK indefinitely, resulting in massive dilution.
Lawrence, I hope for your sake that you are right. All i can say is don't confuse the opportunity with who will actually be left standing to benefit from it. There are a lot of examples of companies that became billion dollar operations but the original owner didn't benefit (see WWF, GMCR, etc). This could easily go through a reorg, the common shareholder gets pennies and the company comes out of reorganization in a couple of months and the opportunity remains. Or, it is bought out but the existing shareholders are heavily diluted in the acquisition. My point is this: the odds are increasingly pointing to one of the above, despite the opportunity. I wish you luck and hope that I am wrong.
I hear you but to sell now is fruitless, there is only one option and that is to hang on. I am not just hoping with a prayer but am confident after rereading their last conference and seismic data and proven reserves. That was only 2 months ago and I believe that plan is still intact.Certainly not saying your wrong only that selling at this piont is a forgone conclusion.Down with the ship is a possibility but I am not putting on my life saver yet, something just is not adding up fear mongering is a happening just my humble opinion. GL