~28,000 gross productive wells, not including ~2,640 royalty interest wells. Drilling a well today costs way over a million $. Sellers are not doing any math except for looking at debt service and expecting a lower price of oil/ng. If the stock price was zero then the market thinks each well is only worth $357,142? - for wells that cost 3 to 10 times that to drill? This panic is irrational.
There is no apparent support for buying LINE. Oil off 2%, LINE off 13%. Crazy eh? Buyers are now made of pure courage, sellers are in panic mode. Sellers think the hedges are worthless, buyers see a way forward but bid lower each time. Sellers are not thinking about the full value of the wells, just the value of today's oil and gas coming out.
The repercussions involve some of the other economically weak countries. The domino effect could ruin the EU entity. I think they will not allow the Grexit (resulting in Greece inflation) , but will keep Greece in Grimbo (resulting in further Greece depression). Either way I would not want to live in Greece now.
It’s often said that the definition of insanity is doing the same thing over and over and expecting a different result. Very, very, very often said. The old saw, which has been most commonly attributed to Albert Einstein (he may not have said it, it’s not actually attributed anywhere), comes up repeatedly in journalism. It’s most commonly used to describe political news. Journalists for publications ought to heed their own adage. No matter how many times, over and over, the same aphorism crops up, it’s not going to suddenly become perceptive.