Roberta: They have so many positive things going on, it could be any of a large number of things. Maybe a partner on Phobus. Maybe progress on the Lucius well. MMR is about ready to report the results of D.J. #1 and other wells and PXP has 51 million shares of MMR. They are planning on such large cash flows in the coming several years, maybe someone is getting ready to make a bid. Maybe people are just waking up to the fact that this very promising company has a lower valuation than peer companies. Also, with Brent oil in the $120's these guys are raking in the free cash flow every month--raking it in well above projections. I could go on, but I'll bet it's some or all of these.
I guess they already have the financing for Phobus. I was thinking about the financing they are going to get for the new GOM leases that were just awarded. Anyway, interesting times for shareholders it sure looks like.
Big move but really just going with the group. BEXP takeover certainly helps. Oil moved from low 80's to mid-90's. Stock is highly levered to its price. Stock is very volatile and has a good outlook but it can be a wild ride.