freindofchump,I suspect the selloff has been related in part to...

freindofchump,
I suspect the selloff has been related in part to eoy book squaring but more importantly the fact that a $40million tax bill had to be paid in May,production would be dropping due to natural decline ( we have had no production figures for some months now ) and they have drilled up to six wells recently that have not yet added significantly to production.
Therefore cash would be getting low probably around $20 to $30 million is my guess.
It would not surprise me if CVN were to take the present high price as an opportunity to go to the market for funds to sure up the war chest soon.
Dont get me wrong I still think that CVN is one of the best value oilers on the market at present and would be a good buy around the 55 to 65 cent level if the current selloff continues.I sold my entire holding recently and am looking to get back in at these lower levels and significantly increase my holding.