if they can get costs down to 42 BOE (presently 49) then they can hold on for at least 12 months. 17 and 18 bonds now trading in the low twenties...I believe EXXI is a buyer at these levels completely eliminating the debt prior to negotiating whatever's left. We need oil to get up over 45. I am hoping for another 100mm in assets sales without selling off production even at fire sales - I believe they make it but I've always been an optimist.
Is that your strategy? Parasite off insider buying? HAHA - research the company in depth and look at the opportunity they've had in cleaning up their balance sheet due to oil tanking. After they do the debt swap, they will have gotten EPL FREE!! Would you have been happy is Schiller bought 1mm shares??? GS did!!!! They had net 250k and now 1.2MM or so - who cares how much money they manage...granted, all of this is moot if oil stays below 50 for the next year.
"Comstock, Chesapeake and others have shown significant insider purchases"....which did absolutely nothing...albeit, CRK popped initially but I believe it was due to purchasing of debt. I think what you're missing is that GOLDMAN SACHS just UPPED their position in EXXI by 1MM shares - I believe they know a debt deal is coming and a bottoming of oil is here....imo