I'm in at 8 cents. Seems like a decent lottery ticket. If I'm wrong, i'm wrong.
I don't buy the prediciton that the bondholders will be able to rape (steal the assets from) the remaining shareholders. That typically happens when cash flow is in significant peril, and or there is little to no prospect of debt reduction in the near term.
So far cash flow is pretty good (with hedging programs and condensate growth) and there is gradual debt reduction.
Sure a split might happen.
Per the Outlook
"
The Company expects its condensate production to continue to grow disproportionately to its natural gas production over the next three to five years. The impact of the Company’s condensate growth, product marketing advantages, cost reductions and hedging strategy continue to demonstrate a strong cash generating business model in a volatile commodity price environment. Hedging contracts in place for the remainder of 2019 protect the realized price for approximately 81 percent of Chicago natural gas sales and approximately 82 percent of field condensate and NGL sales combined, based on production in the second quarter of 2019. Delphi’s 2019 and 2020 hedging contracts have a current mark to market value of approximately $15.0 million, compared to current future commodity prices.
Read more at https://stockhouse.com/news/press-releases/2019/08/07/delphi-energy-corp-reports-second-quarter-2019-results#dMLXt2qRHbWymUtR.99