Slugguts. Just think that BPT will be taking over nobody else for a long time. 218 and 855 are going to cost around $200 mill to prove up and now that ADE are possibly out of the picture, that's a bigger percentage that BPT has to pay. Sure they will let ICN find their 40% and see what happens then, but, certainly not for a long time, if ever. BPT are up to their eyeballs in a dozen things and will not have the dough to do anything but mop up ADE and then into their project commitments. In fact, "some" consider that BPT will be looking over their own shoulder if they don't consolidate. After the results of the initial drilling is done in 218 and 855, who knows, neither ICN or BPT could be there to see the final development.
ADE Price at posting:
20.0¢ Sentiment: None Disclosure: Not Held