I agree that there is a fair bit of spin re company needing to...

I agree that there is a fair bit of spin re company needing to issue shares for debt reduction, however although most investors have short memories, we must rememeber it was only a few months ago when oil was trading at $35.

Surely paying back some capital can only help derisk this company. In my opinion the world economy is still not out of the woods. The major issue for them as I see it, is they need some higher value additions to production. They have a good steady base income. They need to add 500-1000 barrels a day of high margin oil to really start humming.

Overall I rate this as a good buy, however I think its climb back up may take some time. The best course of action would be a merger with another company that complements the mix of assets. Surely at current prices they would be trading at a very small value per barrel of reserves, even after one deducts debt.