i agree with your take on it. rather than dilution, i think what we're seeing is flippers hoping to exit on the ask, and bidders pulling back (as they should) to give them less of a profit on their flips.
this is a battle between longs and short term, follow the money traders. to his credit, tony mason is being communicative, but also quite honest, about the calendar for flow rates from mustang island's I-1 well.
we should get some preliminary numbers on flow rates soon, with optimized (post clean-out) results showing a good increase from that, in late october or november.
what the hot money may not be thinking about is the very real possibility we see some of the pending deals get done in the mean time. as far as i know there are two leases currently producing -- d-bar and south texas. we may also see some early action with VM-179.
good things often come to those who wait.
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