Well Buc you have to pick the right stocks. Many and I mean many E&P companies will be forced to restructure. The equity holders likely receive $0 and the bondholders while they get less than the par value of the note they are getting close to 100% of the equity of the new company.
As you note WLL also smashed along with CLR. Bakken focused E&P seems sold off more than others. More than likely a reflection of well head pricing received. No margin of safety anywhere IMO. Might be time to run some more numbers as even LNR could be joining the (dis) stressed ranks.
Are you doubling down at this price? Roughly $3,500 give or take $500 gets an additional million shares.
SSN Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
