Yes, it is generally understood that they will be raising capital for a drilling program (latest statements put drilling to begin late 2015 to early 2016) and they have outlined their options on how to do that.
I would guess that they are in active late-stage negotiations on several deals simultaneously and not wanting to tip their hand inadvertently would tend to make off-the-cuff telephone conversations sound "restrained" which can be interpreted as evasive or worse.
They have a $100M shelf registration and several prospects selected for their first round of drilling to work with to raise the needed capital. To complement (or complicate) the negotiations is the advantage of being able to tie into existing platforms and/or pipelines nearby. A farm-in partner with cash and platform access capability would seem to be an ideal working partner.
I think their valuation currently at $70M is very attractive considering the number and quality of their prospects and the team working on creating value via the drillbit. I added significantly at this level because I strongly believe they will drill successfully in the coming 18 month time frame. I think the only thing holding back the share price now is uncertainty on how they will raise cash and possible dilution.
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