You're correct that the next few months will be a gut check. But, I would be very surprised if it went much lower. If I were a BP looking for a pipeline, COR would be a no-brainer at this price.
I expect an offer within the next two weeks, if not a bidding war. This really isn't nearly as bad news as the market reaction indicates.
I have to ask myself if I'm willing to increase my position sub $2? It's already the most heavily-weighted position in my portfolio.