Agree with all of that but I think waiting until the industry...

Agree with all of that but I think waiting until the industry shows signs of recovery is too late. If you want bargains you have to buy when the macro outlook is awful and they have demonstrated they can survive.
That looks like now to me so I am calling it, regardless of sissy auditor opinions on going concern assumption. I can certainly see where they are coming from though.
It's not for the faint of heart, a pure gutsy contrarian play for those looking for concentrated leverage to rising oil prices.