Hi Mike
Do not underestimate the influence of articulate hypsters claiming expertise or some special insight into a particular situation. With them everything is always positive , Positive , POSITIVE.....and the tone is buy , Buy , BUY!!!! IMO , these guys were mainly responsible for keeping these stocks artificially high after we received news releases that the main objective of the well was not encountered. While they were dumping, mullets were taking up these positions. If you will recall , there were claims that the reserves in the secondary zone were as good if not better than those expected in the primary zone.
I do not have any problem with Management being excited about this play ; they generated a prospect , put a respectable land package together and then sold their idea to a major company which paid top dollar to earn a piece of the deal .They were believers, they put corporate funds into the well. They have the right to be excited ...they put their shareholders in the position to do very well financially if this play ‘worked out'. Isn't that what Management supposed to do? Unfortunately gas pools in the order of a TCF are just not that easy to find ......if they were, they would have been found years ago.
Unfortunately many late-comers are going to feel like they got burned in this play. They will likely ‘take it out' on Management. Who else are they going to blame.... themselves, some cyber phantom ? I think NOT!!!
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