FWIW ... I talked to someone with the company yesterday evening and it was put very clearly to me that Kokopelli is indeed the top priority - by far - for 2012. The NGLs, they believe, can still deliver a substantial amount of revenue in 2012, not to mention the light oil there.
I also did not get the impression that North Rangely is going to be put up for sale any time soon. That may happen down the line, but only after reserves have been proven.
I did not get the impression that there was a tremendous rush on South Rangely. I think a possible JV agreement could happen in Q3 or Q4. That would be the only way I see anything getting developed at South Rangely later in the year/early 2013.
I came away very much at ease with the long-term goals of the company, so I will be upping my stake in the coming weeks. I wasn't able to take advantage of the numbers today, unfortunately. But I will be adding to my position, for sure.
But I know the reserves show considerably more oil at Woodrush, and I think if a JV is reached later in the year for South Rangely, that's the silver tuna for this company from an oil standpoint in my opinion.