Ann: Quarterly Activities Report , page-18

Fair points Mav. I don't want you to take this as criticism as we are starting to discuss what could be the eventual future of this company.
I can't help seeing those enlarged words in your post “BILLIONS of $$$$$s”.
Frankly, that's is what is the weakness in the BPT t/o of ICN argument.
855 is understood to be worth several BILLIONS of $$$$$s.
Now, I am sure that BPT is not the only one that knows that. Don't you think that ICN knows that too?

And, I sincerely ask you, how do you think that BPT can get 100% of 855??

Do you really think that regardless how we rate ICN's management, that they are sitting down like ducks on a pond just waiting to be knocked off?? Surely not??
855 IS the potential company maker that all managements and investors pray for. And ICN has 40% of it!!! And a $30 BILLION GSA virtually hanging on it. Can you honestly see another ADE happening with ICN?? If not THAT bad, then what price do you put on ICN?

And what about the value in the post permian section of 218? There are probably multi million $$s just in that alone. Remember, too, that BUY has 23.28% of that section.

CLEARLY, the issue that has to be addressed by all involved in 855 is how the full exploitation of that BILLION $$$$'s asset is to be funded after BPT spends that first $16 million (which they most certainly will).
Neither BPT or ICN, even combined several times, can fund that type of development. So, where is that money coming from?

BPT has opened its data room and would probably be close to making an ann there. But, what about little ICN? Now, that is where I believe will come a trump card that everyone is overlooking, or underestimating.
Whatever ICN does re its share of 855 will ultimately not only determine the share price, but, the very future of the company.
THAT is the space that I am watching.
This is most definitely MOHO. Great to read some considered arguments.