Stock price when the opinion was issued
At one time they were a 40,000 barrel a day producer and he would guess that they have probably had 8 quarters of declining production. Abysmal exploration success. Drilled a lot of dry holes. Also, have issues with convertible debentures that they had to push out the maturity of. They are now trying to divest some pipeline assets.
Not a lot of reserves so not as cheap on a NAV basis. Prefers PBM. If you get bullish on oil, some Colombian plays have a lot of leverage to oil. Oil is fairly valued.