This was very simply comparison. Of course, it may not be accurate, but it can indicate something.
How much cost for EXXI to produce per barrel of Oil? I would like to say: The more the oil produce, the more EXXI loses! Even Oil goes up $20 from what it is now, EXXI would be still in loss!
Now, it is your turn to tell us how soon would EXXI file the bankruptcy?
11% interest, that's really junk. But it is secured. Once oil below $40 and last for a year, EXXI left no penny and no chance to re-organization.
I have no position at current and will re-enter when the oil keeps comfortable low.