Coopec,
I don't think he was considered all that astute by most. It was at best a bullish bet made by self made billionaire oilman who might well turn out to be all hat and no cattle. At worst, it was a case of supreme Board of Directors incompetence to be bullied into risking the company for no reason other than the main man thinking he's picked the bottom. He may well have been right but that would not have made the decision a risk worth taking and being endorsed by BoD. If it's your own private company then sure, risk what you want.
Unconventional Shale development is very different to conventional oil development in the way that capital is used and deployed.
You could contrast CLR's now zero hedging with say HK and LPI near full hedging at 90%. What HK/LPI have in common is they are way overleveraged (Total Debt/EBITDAX). CLR doesn't have this covenant in their credit facility and their term notes are not redeemable until 2020 at earliest and that's just a measly $200M.
It's all about the right perspective
Coopec, I don't think he was considered all that astute by most....
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