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Oasis Petroleum balance sheet at 2Q 2020, from SEC; it owed more than it was worth. What's the best way to fix this? File bankruptcy and wipe $1.8 billion of debt off the books. Its a beautiful thing, man. Shareholders are giddy....
the stock is trading at two bits a share today, down from nearly $16 a share in 2016. Oasis CEO and management deserve a bonus and a big-time retention plan for THIS fine work. See small print below:
PS: theres LOTS of shale oil E&P's that now owe more than they are worth.
“Oasis Petroleum Take Action to Strengthen Balance Sheet...”
Press Release From Oasis Petroleum on Filing Bankruptcy
All the ranchers where I operate are not beneath asking when I am going to drill another oil well somewhere because they all know as soon as I spud... it will start raining
cats and dogs.
We thought we had a green light for this little well and out of nowhere it came a turd floater and rained for 3 days straight; seven inches total. It was a nightmare but we got it done.
This is the life of stripper well
operator; we always find a way.
"The blog is one of the best for me personally; Mike is the Huckleberry Finn of the drilling industry." James Regan
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