I have been snooping some to compare HDY to companies in a similar position. I just took a look at Chariot again. They seem to be about 2-3 months behind us on spudding their first well and while I can't find the short interest number, their shares on loan are starting to climb (albeit they're only around 4.8M at this point). I am beginning to wonder if this isn't pretty much standard with oil exploration companies of this nature.
Chariot is also beaten down, in fact in comparison to analyst forecasts, they are at less than 1/4 of price projections, so the appeal to short might be less than HDY.
The shorts must be banking on being able to hold down the sp regardless of how good the 3D is. Some must be betting on a dry hole. Some must be betting on a vaccuum event-wise once the 3D is out until the drilling starts. It's going to be a long august and september.
Anyone else been through this with an exploration company with no proven reserves before? Is this pretty much par for the course?
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