This seems to be an encouraging event. Someone sold 14 million in debt for roughly $3 a share. Hmmm, someone is making a pretty large bet on this company when they calculate cash as worth less than CRK stock. Also, CRK has a lot of cash to weather this storm. There is a lot of short ownership, over 20%. This is troublesome, but they, (shorts), will be buying back their shares if the real price is over $3 per share for a cash buyer. IMHO
These hard variables are great indicators and cannot be ignored. While the wild card still seems to be the price of oil, there are other facts at work. MDR is utilizing a "tax free fabrication zone" in Mexico, which significantly cuts the raw cost of construction and is attractive to investors, (or at least it should be). The real driver of the oil price, as many assert, is the glut of refined fuel. Summer will surely soothe this glut, at least enough to put the demand of raw crude back to a more "fluid level", no pun intened.