If this isn't capitulation, I don't want to see it.
This is classic capitulation. The oil play is out of favor, sellers are pannicked, shorts are making great money and no one has the cajones to buy. No one can find any reason to own oil whatsoever. If oil goes down to $75/bbl, these companies represent tremendous values at these prices. Might as well strap in at this point. If there is a great depression, we got bigger problems than the price of oil.
The oil companies themselves need to step up and buy a company. I can't remember a public oil co. getting taken out since COP bought BR. That was 2 or 3 years ago. We need someone to show what barrels are worth to a commercial buyer. Until that happens, chaos will reign in these stocks because nobody knows what barrels are worth, and in the end, these stocks are asset plays, not cash generators.