RE:RE:$3.75 by Friday. "Hedging, a robust oil price has not moved the stock, no torque" all mean the same thing, and they render the next point, "plenty of leverage to the downside when oil drops" wrong by whatever degree your first point is right. Any mid-long term view of Baytex will primarily be determined by the price of oil. The stock will do great if oil at least holds 70 for a while. You have no way to be certain it won't, so your confidence is misguided (obviously you are a short term trader, not an idiot though). The deal with RR will keep this dynamic intact, but with greater stability and less upside potential (less torque). Its not that complicated, its a company highly leveraged to a commodity, and the company specific factors are secondary to the price of the commodity.