A Private Investor's View - BRK Document 2.0 Updated & New Link, page-11

cheers Dan,

its even worse for the conventional oiler, because when his 20% change of success lottery ticket is a duster, he has to dilute and raise more capital. Every time he does this without a win, the initial investment finds its way further down that rabbit hole of trying to see day light again.

While BRK, with off book leasing, sure Black mesa get a good return, and so they should, as it has shielded us from that destructive dilution the conventional oiler has.

But best, Black mesa know the regional plays so well, our success rate is phenomenal and we execute a clear strategy to return acreage sale to BRK and BM.

Its all about the type of ladder you climb.
Conventional oiler sell their holders magic carpets that rarely get off the ground, unless you are beating the dust out of them with a broom.