arrowhead broker report 48c conservative tgt, page-5

I just had those exact same thoughts Dis (regarding the daily newsflow), I've also felt a Cap-Raising will be coming soon for some time now.

Rationale being:

- Kansas acreage is unproven (joint-venture offers are likely to be at low prices)

- Snake River is a valuable asset to keep at 100%, especially considering the participation with Range Resources (imo anyway). I don't think it's a large enough scale to attract significant JV interest, despite it's quality (could be wrong here though).

- AOK want to acquire more Northern Oklahoma acreage.

Who knows, maybe AOK might Joint-Venture Snake River (hence locking in value) and use the cash to not only fund wells, but to essentially replace the Snake River acreage with more directly leased (cheaper) Oklahoma acreage elsewhere?

The only thing I'm skeptical about with the above theory is that companies likely to want a 50% Joint Venture for Snake River (mainly small companies considering it's only 2750 net acres) would probably just prefer to start off fresh elsewhere with a bigger, cheaper land position (i.e. directly leased from landowners).

The last 3 separate consecutive day announcements seem very suspect to me. It seems like they've been separately released on purpose (the only reason being I can see is for some share price increase, whether that means a CR or not, who knows).

I hope I'm right because AOK is definitely looking good, and I'd love a nice entry with immediate funding questions answered!

Sentiment should be Buy............. (soon).