Mad Punter, I hear you. I am not exactly over the moon with...

Mad Punter, I hear you. I am not exactly over the moon with management, but in reference to the other comment about management havent done anything. I disagree. How many wells were drilled last year and how many were succesful. That is what you should judge an oil exploration company on. The market judges the rest rightly or wrongly. In this case I think wrongly, how many other exploration companies would like to be where they are now. Hell I would even support a CR if it menat another 4 or 5 wells in Eagle Ford so we really prove up the ground and get a very high price.

But reading between the lines of what management are saying I would not be surprised to see the split of TXN occur and rather than sell the EF we simply enter into a farm out position with a free carry into production with the cash from the farm out going into the TXN2 so it is funded for more drilling and exploration.

Either way your choices are dump at prices far below value or simply ride the storm out. Buyers are capitlising on others impatience.