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02/08/10
11:46
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re: Ann: Unsolicited Expression of Interest i...
And the other facts that are ignored are:
1. Pioneer already has a number of producing wells in the venture.
2. The deal included 2000 sq mi of seismic data
3. Over 75% of the purchase price was in the form of future drilling costs and NOT cash. Only some $266 million was actual cash on closing.
IMO AZZ would be lucky to get 1/10 of the PXD price per acre.
IMO the words that describe AZZ are: overhyped, over-committed, and under financed.
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