approved. Watts says no particular acquisition is targeted.
Would not WZR be a good fit with Rem to balance the company's (REM) off shore exposure with some onshore reserves heavy to gas? Could easily buy out WZR for $11/share ( a nice premium to today's closing price)) and have lots of borrowing power left over. 15.7 mill X $11 = $172.7 million. They already have shared interests in Vermillion. And we know Wizer is for sale.
Gee, my buy got completely filled at 19.90's today.
Thanks GH for the tip back on the PENG board. It is getting hard to find E+P that have not already lifted off to space. I think this might be a good place to park cash until news is out in late Feb. I considered the Feb calls but the companies presentation said reserve estimates would not be done until mid-late February, and I want to be fully invested until the new reserve estimates come out.
Does not seem like they got much credit for their recent discoveries. All in all, this is not a table pounding buy by historical standards...unless you compare it to everything else that is out there and it is looking pretty good.
My only fear is that they will buy WZR or do something stupid with the shelf proceeds...if it is WZR, I hope it is only the Gulf assets.