RE:good luck longsMeg is one of the most leveraged play on oil going up. If it wasn't the large debt Meg carries, it would not be trading at 0.4 times book value. MEG has high quality SAGD operations with one of the lowest operating cost in the industry. When oil does rise above $50, Meg would be one of the companies with the most upside. If you believe oil is going to stay at around $45 for the next 4 years, get out of MEG by all means.
I for one, believe that the oil glut is highly exagerated by OPEC and media with inflated production numbers. The anticipation that US shale will production come back at $50 oil is unrealistic due to their already highly leveraged balance sheets and limited supply of premium drilling locations. I think oil will stablize around $60 by year end and MEG would probably be a $14 stock then.