At this level Mr. Market is guessing the company will go bust.

I don't understand these things well enough to comment on bankruptcy, but I continue to believe that LBSU with no money means less than the market is telling us because the Elle JV is still funded, and still drilling.

What exactly is the risk of waiting for drill results from Xstate? Is it simply that if these round of drilling produces nothing (again) then it's game over? Or, can Xstate afford to drill again at North Pipes? And can Briscoe keep the doors open long enough to wait out another drill report?

This price just makes no sense to me unless the market thinks that the company is just going out of business.