Are you on margin?
No. I am not a trader. I Bought Kodiak Oil 3 years ago. Kodiak did well and was purchased by Whiting late last year. I didn’t want to sell and pay taxes for 2015. When oil slowly declined, I thought it would be back. My assumption was that Bakken companies would be helped by Middle East volatility. Whiting financed the purchase of Kodiak and is having debt problems and will likely have to start selling assets, which will further destroy the stock.
That was my first thought. If he's long in individual stocks, he might want to consider writing calls against those stocks, bring in some cash while he bides his time.
If he's heavily margined, that's a different story.
If I could retire now (18-24 months away), I'd roll my 401k into a self-directed account and put a portion of that money into big oil stocks, and write out-of-the money calls on them.