Imo the reason the sp is hit almost as hard as the GFC is...

Imo the reason the sp is hit almost as hard as the GFC is because the whole sector has been sold off in expectation of another credit crisis. Look at WPL or STO, neither has done anything too untoward, but they've been belted. Well maybe WPL has underperformed on exploration, but not that badly to justify $50 down to $30. STO likewise $16.50 to a low of $10.50. Or look at ROC, or CVN.. 40c to 27c, 40c to 9c
Since April it has been downhill for oilers as the weight of trading has been risk off and unless an O and G company has a really big story to tell, say like BPT or BRU, or they are in the midst of a super major land grab like Aurora, then they've been sold off.

The hedge fund shorters see this and get in on the act. This is all i think is going on with MPO. I don't think management have an agenda to let this happen - otherwise they wouldn't be putting out so many updates.

Would be nice if MPO could have generated excitement about the Bakken or Wolfcamp, but it isn't a 'blue sky' Australian shale play, and nor is it sitting smack in the middle of the EagleFord oil window unfortunately..
But I do think their assets are looking lower risk than say BPT's find in the Nappamerri trough. 200tcf sounds exciting but it cost them $20 million to frack one vertical well and they got flows of 1.8mmscf/d. If MPO spent that much in the US to get similar flows of dry gas they would be laughed at.