No new or bad news related to company itself at all. Company is doing just fine with great prospects. Selling begun after HERO's filling. PGN is not HERO. Just look at the last earning reports where it beat both on the bottom and the top line by a mile.
Spoke with the IR director who is baffled by the market's reaction punishing PGN because of Hero. Say PGN doing great and does not expect anything remotely resembling issues mentioned by rumor mongers and that Paragon is here to stay for the long haul and will be one of the survivors and the winners of offshores once the dust settles.
Buy here as this is truly a bargain with market cap barely over 100 mill where they just sold two of their deep offshores for a cool 300 mil and have cash till eternity and are even contemplating buy back shares or paying off notes.
PGN, even at today's oil prices, is worth well over $5/share in this environment. But realistically speaking, for a company with 1.5-2.0 BILLION in annual revenues it should be around $15-20/share.