Chancellor Group Inc (CHAG)

[Milner]

Striper,

I think its probably good that they didnt uplist earlier. With the oil sector getting hammered right now it might have delisted or had some other issues. Also if those leases they sold off to come out of bankruptcy had been held they would have failed the loan covanants anyway with the price of oil falling the way it did. All things considered i think they picked a good time to uplist. They have nowhere to go but up at this point. Just putting one new rig in can cost 45,000 dollars a day plus all sorts of other costs. Bringing in an outside company to do it also is very complicated and expensive. They did the right thing lowering their overhead and keeping in the black. Now they have cash on hand but i wouldnt expect anything amazing right away. Its going to flow with the oil sector ...