Strategy: You may be right. Another trigger for the Private Placement could be the discovery of oil in a second well + 30 days to confirm that discovery. Note that the deal was pre-done (IMO) and sold out W/O a broker dealer, and in a hurry. Now we have $55M cash+$32M from Marathon Oil, and $193M from PPM. Total cash for CapEx: $280MM. Now let a major come and try to buy us out! Good luck with that.
Strategyone. I saw a posting on another board that said that the private palcement has a 4 month freeze on the shares sold. It's second hand info, but probably correct.
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