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.
Ugly picture on chart, but in the last number of months it has not made a lower low. That bottom is not confirmed yet.