I agree Cutloose, if you are selling something you should be a consumer also.
Unfortunately its often the case that managers and boards rely on share remuneration to win without risk to their personal funds.
From what I am seeing is that the Permian Basin is structuring itself to run like the unconventional shale plays in North Dakota and Wyoming.
The interest is being generated by the relatively new drilling and fraccing techniques. Acreage value has gone from $200 - $6000 per acre. Big players have been snapping up the Shale plays in the north and they are snapping up the Wolfberry plays in Texas.
It is actually getting so busy or popular - wells have been drilled and they cant get a frac crew.
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District 7C County IRION Submission Date 11/16/2010 to 11/23/2010
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District 7C County REAGAN Submission Date 11/16/2010 to 11/23/2010
24 well applications in the past week in Reagan/Irion counties alone, none from GGP yet though.
I suspect that this prospect will be the main focus for GGP in the coming quarter(s) - distancing themselves from current partners till their houses are in order.
GGP Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
