For those new to this stock, I have summarized bit of history...

For those new to this stock, I have summarized bit of history that might explains a few of the recent developments:

Acer Energy has been around just 15 months - previously they were Innamincka Petroleum.

Innamincka made a huge discovery at Flax/Juniper (Cooper Basin) in October 2007. Thought to be the biggest onshore oil field in OZ, the SP rocketed 500%.
Note: Innamincka only fracced some of the Flax wells back in 2007-2008.

Managing director Ross Wecker (yes remember that name) led the company to investing almost $50 million in an enhanced oil recovery production system however the system was never commissioned as planned due to Flax producing formation water.

Innaminka's share price collapsed and Wecker exited the company in March 2009.

Innamincka changed focus to offshore oil but there were a few people (such as Wecker) who believed Innamincka had acted prematurely and should return focus on the Holy Grail (Flax).

Wecker joined the board of Drillsearch in October 2009.

In 2010 Drillsearch and Innamincka agreed on a merger only to be later rejected by shareholder vote. Republic Investment Management (RIM) led by Anwar Awan were the catalyst behind this rejection.

RIM have been accumulating a stake in Innamincka since June 2010 at prices between 5 and 18 cents a share. They were reportedly preparing to have a crack at Innaminka with Nick Davies.

Immediately following the failed merger with Drillsearch, Innamincka announced a shareholder vote to hand control to RIM and install Davies (former Arrow Energy CEO) as interim CEO.

RIM lifted their stake in the company to 39% through a placement at 19 cents a share. This and a one-for-three rights issue completed the recapitalisation of the company.

Today Wecker and RIM agree to sell their stake (which amounts to 40%) to DLS.

Tomorrow Nick Davies and shareholders revolt and refuse to sell and BPT makes a play at ACN offering $1.00 per share...okay I made this last one up but the rest is true I promise.