Ok, so you should now have sufficient information to understand your investment here.

In summary, the acquisition of Cochon with its gas weighted reserves, and Morrison Well Services with a focus on P ( plugging ) and A ( abandonement ) in the GOM but with the ability to service a well from drilling to abandoment, has transformed COQ from a primary oil producer in the GOM to a gas weighted producer that has the technical ability to cherry pick marginal ( sunset ) fields in the GOM either free ( but assuming abandonment costs or at very cheap prices, and extend their production, while being technically capable of performing the needed P & A when the field is exhausted and decommissioned.

Federal regulations, introduced in 2010, require that all structures and wells in GOM be restored to natural conditions one year after the lease has expired.
Such decommissioning activities have been generating about $2 to $2.5 billion in service revenue per year, in recent years. Total market potential has been estimated to be in excess of $30 billion.

Some key facts for the "new" COQ.....( all in $USD )

Shares......324 million
LT debt......$45 million
2P reserves......14.3 million BOE ( 60 % gas and gas liquids)
2P 10 NPV.........$354 million USD
Current production.....3100 boepd ( 60 % gas and gas liquids )
Insider ownership.......about 75 %

The impact of acquiring sunset fields can be seen from the Q1/14 to Q3/14 production stats.
Q1 /14 production averaged 1750 boepd ( 30 % sunset ).
Q2/14  production averaged 2500 boepd ( 45 % sunset )
Q3/14  production averaged 3100 boepd  ( 65 % sunset )

Hedges.......COQ have 653 bpd of light oil hedged at $77.50 until feb 2016
And.............1150 boepd of gas hedged at $3.81 US per mmcf until Fb 2016

Price assumptions

I use EIA 2015 gas price estimate of Henry Hub ( GOM ) of $3.94 per mmcfd
I use EIA 2015 light oil ( GOM ) forecast of $62.50

The calculations of 2015 production revenues is elementary ( eg 653 X $77.5 X365 etc).

Total 2015 production sales ( 60 % gas and gas liquids by volume ) assuming 3100 boepd amounts to $47 million US.

The average price per boe received is $43 per boe.

Operating costs per boe............2013 production of about 2300 boepd, was comprised of 36 % oil.

Ebitda ( earnings before interest, taxes, depreciation and amonrtization ) in 2013 was just over $23 million US or about $29 per boe.

The average price received was $51 per boe in 2013.

This results in an operating cost per boe of $22 per boe ( $51 less $29) in 2013.

As 2015 gas to oil production ratio is very close to the ratio in 2013 ( 40 % oil vs 36 % oil ), I use $22 per bow as the near all-in cash costs for 2015.

That is, the operating net back in 2015 should be $21 per boe ( $43 less $22 ).

Which means operating earnings on 3100 boepd production in 2015 of $23.5 million US.

Interest charges in 2015 will be close to $7 million US and as depreciation and ammortization are non cash expenses, COQ should have about $16.5 million US in free cash flows to deploy to 2015 capex ( $41.5 million ) and to pay down debt.

Valuation for its forecast 2015 production earnings is estimated to be $175 million US or about $200 million in C$ ( about $0.61 per share ).

P and A estimates for 2015

The trailing 12 month sales have been about $45 million US, with a gross ( operating ) margin of about 55 %.

Currently, they have 10 of their 16 rigless spreads operating in the GOM, from a total of 16 spreads.

Contracted backlog is in excess of $100 million US.

For the 2015  P & A operations, I assume $45 million in sales which converts to about $25 million in operating cash flows. I use this in the absence of detailed fianncials from the Well Services subsidiary.

Total cash flows in 2015 are estimated to be  $48.5 million US ( $23.5 + $25m ) which translates into a fair market value for both operatiuons of just above $1 per share.

Note that such estimated cash flows is very close to the $41.5 million and $7 million needed to service the LT debt ( $41.5 plus $7 m).

Summary

At current prices, COQ is a steal . The price of paying $0.52 US per share for Cochon and Wells services is easily justified and relatively cheap, given their cash flow estimates.

The price dropped from over $0.50 to $0.04 on less than $300,000 in sells.

It can recover very quickly.