What's next? In my humble opinion CHX is in a bit of a jam right now. They have pretty much used up their LOC and probably wont be looking to raise capital in the markets with a current SP of ~.38-40. As a result, for the moment they are stuck sitting idle with a relatively large land position and no money to drill. They have resorted to a few recompletions last quarter but those certainly won't help them get to a state of + cash flows given current market conditions.
I like the management team and think that they have a pretty decent asset base but until they figure out a way to continue drilling they are going to sit idle with negative cash flows...certainly not where any company wants to be. The SP has come from 30 cents to 40 cents in the past couple of weeks hinting to me that something is happening behind the scenes - at least that is what I am hoping. If they figure this thing out I see a lot of upside...
Given the fact that they are trading at such a discount to their NAV, I see them as a potential acquisition/takeover target