If FPP and ESTE merged, it would mean one of the CEO’s would have to leave, and I doubt that’s in the near term plan for either of them.
A merger would mean economies of scale at the corporate level, one CEO, one board of directors, one set of SEC filings. But each firm has some intangible value in their property and growth plans, and I suspect a merger might mean some loss of that knowledge.
ESTE might do well getting its own research report published. Year to year, their BOE reserves are up 41% and quarterly depreciation is up 65%. But there has been a timing mismatch on the revenues which has frustrated most of the shareholders. And adding more salt to the wound, ESTE shares just hit their 52 week low.
The FPP research report forecasted revenues through the year 2017. IMO, that kind of insight is what’s needed for the ESTE shareholders.