merger details out, page-186

Agentm described the Abraxas divestment today, and the HC TXN thread referred to a few other EFS sales since January that far exceed the SEA acquisition (I recall they were in the $25-$30k/acre range, but not sure if drilling was for all layers or just EFS). SEA's Bakken sale in July was more than $40k/acre, and I understand that TXN's EFS property is equal to or greater than SEA's property.

With due respect to TXN mgt, I wonder whether their failure to secure a reasonable price for EFS might be due to some extent to their interactions with and demands to potential buyers. True, these buyers are sophisticated enough to put aside the irritations of overconfident and inflexible sellers (if that did occur), but I wonder whether that situation did occur to some extent.

My concerns formed back in May from posts about the CEO's enthusiastic talk at the annual meeting. Those posts made me worry that TXN might have inflated expectations and overconfidence about its assets and success, and this could put off potential buyers. It was enough of a concern that I sold some TXN stock (wish I had sold more!) just before the August meeting when it peaked at 54 cents (I bought more shares over the past couple of months).

Just a lingering thought/concern I've had. My apologies to mgt if it is far from reality.