Most small E&P companies are built to be bought out. UPL is not one of those companies. Watford has explained on several occassions why shareholders are better off if the company is allowed to develop its world class assets on its own. It doesn't take much to come to the same conclusion on your own. What better stock to own than that of a small company (35 employees!)controlling and successfully developing one of the best gas fields in the United States? If selling out was the best option Watford could have done that a long time ago. In the mean time the stock and company's performance proves that Watford knows what he is doing. Who can possibly argue with management's strategy based on what has been accomplished to date?