GulfSlope Energy Inc (GSPE)

[spec machine]

Everything took a hit today

Energy was hit really hard and overseas windfall taxes are causing pain (layoffs and drastic capex cuts)

Domestically, it’s headline-induced fear to add fuel to the selloff with only words

Specifically, the budget proposal calling for “war on fossil fuels” tax and spending items

It won’t pass the house, but it’s a blueprint for one side of the upcoming debt ceiling battle

GSPE is in the battle space but has no ammo

Existing and potential partners certainly have the $$ to deploy if conditions are reasonable

Hardly a mark on the tape today but we did end up with a better closing bid than anything recently seen

2 MMs bidding at .007 and .008 on the ASK

I like how it’s trading under the current conditions, except for the tiny volume

Not seeing any dumping

WTI slides to $75
Nat gas pulls back to $2.50

Cheers

spec