Those that have followed this one remember the days when they talked about buying old fields for practically nothing and finding missed production. One can remember the heady days when they posted projected production going straight up from 20 million barrels a day to 30, 40, 50 or so. Well GOM spill happened production never came on as predicted and has remained mired in the low 20's. Their reservoir which is in the deep water of GOM is not producing as projected and they are in a world of hurt.
They have sold forward everything they could, borrowed against every asset they own and are in as Cramer would say the house of pain. The once high flying stock is down 80 cents today and briefly broke below 5 dollars a share. They do own an interest in the huge ngas fields off Israel, whether they will live as a company to develop that field remains to be seen.