not such a great night, page-10

Wilson, I think it's a little more than technical.
Chk drilled 2 dry wells. Defender lookin dodgy. Market now valuing Niobrara holdings at bugger all. The only way to reverse this is for Defender to come through with the goods.

Also, doubtfulness around SoA and land valu/potential too.

If it wasn't for Fort Peck we probably would be near cash backing. If fp comes up dry then guess what!

Thats not to say I necessarily agree as I still hold and personally think this is getting really cheap.