PVA took a risk but they now have critical mass in the EF, which will lead to economies of scale in the cost structure.
No one can say they have limited inventory.
They could probably attract a major partner now if they want to go that route.
For us common shareholders, we have to look long-term and hope PVA can execute -- which they are pretty good at so far in the EF.
MHR recently hit some big EF producers -- hope there are more where those wells came from.
It was a good call, very thorough, and now we wait for the accelerated closing and May guidance. The increased hedging is good news in the face of the 3.3X leverage. It's a long time to Dec. 2015 to achieve cash flow neutral status, but it is what it is. Ultimately, I hope a spin on the pipeline system can be accomplished because the Street just doesn't reward this degree of leverage. But, I didn't sell when it was $4.90 to $5.00, so I've made my bed and will lie in it for the next three years.