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 ...
I think its definately a good thing for sure. I mean by the time they get their ducks in a row the price of oil may well rebound to some extent. From what i understand going forward 2010 is going to be a fairly good year for the energy sector as a whole. We hopefully will have the whole mortgage backed security debacle in the rear view mirror by then. Right now fundementals are out the window though so these next few quarters are going to be tough. That being said chag could do anything. I have been holding it for a couple of years now and i bought around .08 cents so i just hold and as for the rest of the market i just try not too look to often.. I havent got time for the pain...
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