It would help to find out if a short term liquidity issue is in the cards. We still don't know the results of the credit facility re-determination. It was originally scheduled to be established around April 1.
The sick part is that this same property showed a $71 million PV-10 in 2014. The percentage decline year over year was much greater than the other properties. I assume that means the Hugoton property requires a higher oil price to break even.
Nibbled again in the high twelves. With oil near $50, I doubt we will see the elevens.
Right at the beginning of a new bear market?
The company's borrowing base had been $1.8 billion. Since they have $1.2 billion drawn, a haircut below that level will create quite a problem. The fact that the negotiations were extended from April 1 to May 1 indicates that there might be some gnashing of teeth.
I've followed numerous share offerings and usually the discounted price lasts only until the new share offering is completed. Then there is a bounce back. This is probably an opportunity for a windfall.