One of my earlier post touched on oil prices. Unless the world economy basically cratered, the price of oil will probably fall in the range of $75 to $100 (N.A. prices). At these ranges, I think MEI should still be profitable.
1). To certain extent, supply and demand will adjust prices in a global world (Brent is still trading at over $100 at present).
2). US is printing a lot of money (and so are other major economies in the world, Europe has Draghi, Japan just started doing their round, China has been flooding their economy with more cash although not as much as 08/09). Most if not all of the export oriented countries are trying to debase their currencies to stay competitive with their exports (this is my understanding only, I do not have numbers to support this, correct me if I am wrong on this one).
3). OPEC still has a certain share of the market and with deflated US$ (or in other words inflation in their country), it's in their interest to get a higher price to survive or to be relatively well off.
One thing that have me thinking more is the rate of increase in the production of oil from US. I don't know if "gone berserk" are the right words for oil coming out of North Dakota and Montana. I also don't know when but it looks like there may come a day when US is self sufficient in oil (ie they need 0 oil from outside!), I am not sure how much Canadian crude will sell then. All these millions of barrels per day from Canada that they are about to produce might be stuck here with nowhere to go. At that point in time, I hope that US will think in the line of using up other people's resources first before tapping into their own. Still the price may be hit hard then. You just have to look at the discount Canadian crude is getting now.
However after that being said, MEI do have gas plays. That is something that looks like it can have an international market and if they can switch to that pretty quick, it may not be as lucrative, but at least there is a good chance of reaching the international market on gas. Be prepared!! One may want to keep drilling those gas play on acreages that are coming due for expiry if one can afford it.