Post by
Heliopolis on Dec 14, 2014 1:46pm
same opinion as in my July post, going sub-penny
and into bankruptcy for insiders to take over for newly created debt. They have to keep entering Agreed Compliance Orders to keep wells and operating, but can't afford costly compliance or shutting wells and paying retirement obligations on closed wells. At current price netbacks are negative if they do any compliance or field maintenance. Insiders will put a little in, then bankruptcy is the way out, lose the unproductive wells without paying to shut them, and cherry-pick the best wells to pump for themselves, outsiders get nothing.