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M&A Activity May Awaken

13Ds are filed with the Securities and Exchange Commission within 10 days of an entity’s attaining a greater than 5% position in any class of a company’s securities. On June 12, Baines Creek Capital disclosed its position in the independent oil-and-gas explorer of 11,299,649 shares, or 9.8% of the outstanding shares. Baines Creek previously stated that the board had “failed to take the steps required” to drive shareholder value and requested all shareholders not to vote their shares at the annual shareholder meeting on June 6, thus preventing a quorum required to begin the event.