If anyone read that S1 from top to bottom they would have come away with a TON of information. Some of which has never been posted to my knowledge. The part about competition for leases may be why FS is so keen to obtain what he can in leases when he can.
That particular paragraph however is so pertinent to the situation at hand.
I think me and Naz and a couple of other folks mentioned the shares a long time ago, before all the pumping successfully began drowning out the facts of the loans. While we spent a long time reading and saw what he said, others clearly didn't get it, or didn't read it all.