Ed...he's ok and he certainly does not get under my skin. It's mild entertainment at best generally when I'm really bored. I think there is a fundamental difference of opinion about XBOR among us but that's why we all are entitled to have one. I sense there is a bad taste from a previous poor trade he may have had involving Doral but it's of no matter now.
You make a great point about XBOR putting themselves in a position to exploit the acreage positon (either by sale or drill). There is so much M&A activity in the industry right now I would not be surprised to see interest in XBOR from other companies. The beauty of the old Pure acreage is that it is largely undeveloped in developed areas in SE NM with strong operators. The nature of the leases (having no maintenence) carries a huge premium as well. The company has to make sure it's financial house is in order and has to create liquidity for any such opportunity toi gain traction. Liquidity will occur naturally when the 144a stock becomes registered. There has been no question or doubt about the company needing to raise money. We have known this from day 1 of the merger. There has been no real need before now but after June 1 it's critical IMO. I guess we'll get our first real test of new mangement to see how and if they can respond to the need for capital. We'll also get a sense of how well the story has been told and received in the road shows. If management cannot successfully raise capital it would raise questions about the real potential of the acreage position and conversely, if management is successful it would be an endorsement of the potential we believe there is. The market always seems to know. We'll have to wait and see.
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