Would like to say that VNR did an exceptional job with this secondary offering. The 8 million unit offering is relatively large relative to the market cap (and average daily volume).
Nice to see VNR raising equity with such ease.
Considering it was only half what they needed you are probably correct. Better to dribble it out than hit the market with a big slug all at once.
Yes, they will likely float equity again later in the year. The Bill Barrett deal looks to be a good one. I think these guys are buying right.
What is amazing though, is that the equity barely dropped on the announcement. I won't say it is unheard of, but it is uncommon.