I disagree. First of all to acquire 2 rigs and 7000 acres of prime Barnett Shale real estate, with no debt, says a lot.
Second, when I visited AMEP is late 2005, CB indicated at that time that he thought he had a needle in a haystack/diamond in the ruff, based on the 3D seismic survey just completed.
Third, when the formation of Padgett #11 was announced in September 2006, the richness of the lease was exposed. Now we wait for numbers..... and wait...
Fourth, when the horizontal Padgett #12 was exposed on the TRRC, in close proximity of #11, another piece of the puzzle comes together.
Five, when the injection well was exposed/approved on the TRRC, another piece of the puzzle fell out.
So there are several indications, based on other than speculation, that excellent O & G prospects are more real than not.
I have been very critical of the company regarding execution and disclosure, but there is good reason for optimism.
