Check SSN Aug 2013 presentation, the financial part.
The last line mentioned an on going negotiation with a bank for credit facilities on reserves basis. Then the sale of 25% WI N. Stockyard in-fills came, gave up the risky and costly in-experienced drilling biz. It could be very possible the bank/deep pocket demand SSN to get back on the Jr oiler safe status, so the deep pockets will have much less risk for their investments in the proven reserves.
The ressumed MT FPEC leases sale could also linked to some deep pockets which may drive a bargain to reduce risks. SSN got the FPEC 30K acres for less than $200/acre, at $13.5M sale price it is $450/acre. The good wells in that area are 200 BOPD IP in mid Bakken, so $400/acre seems to be right. Except the deeper 3-Fork benches which have not migrated and eroded (2500' plus), it may hold just as much oil as those in east MT near ND state line.
The bottom line is SSN is in the comfy back seat and let Slawson be the driver. The deep pockets feel much safer.
Well Said joe...that about sums it up. A change in strategy is the right and less risky approach. Will be interesting who partners rainbow. I sense we are on a rapid growth trajectory in the next 12 months with Slawson and mone in the bank.