Not sure what is keeping CPE down, is it the shorts only? Oasis also has somewhat similar short position and its really trailing all the shale plays due to that massive $4B impairment loss they booked for 1Q. Financials are shaky for all of them, and if lenders don't play nice and travel, business, schools, etc don't open up soon, many could be forced into Ch. 11 eventually. A game of musical chairs amongst the small/micro caps now.
Extraction had only $1.59 billion in debt and less than 5 years in the business. Diamond Offshore had about $2.13 billion, yet both folded rather quickly. So some of these other highly leveraged balance sheets may also fall due to the knock-on effects.
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