$171,000,000.00 part 11 and part 111, page-11

SEA is focused on Mississippi with its shallow reserves (low cost wells). Already bought up considerable acreage and who knows what they're buying as we write. So I think they will be busy enough with their own assets.

TXN has great land in EagleFord (shame about the mgt, board, and maybe Wandoo arrangement!) but likely out of the way for SEA. Any acquisition might not be in SEA's best interests. SEA gains through buying land cheaply, derisking, and producing. A joint venture (farm in) might work, but again, SEA is focused elsewhere.

Regarding SEA's trading activity, maybe my radar is dull, but I think the market is just digesting the recent gains. More trigger events will occur over time. However, I'm not sure the reserves report due this month will do much because the market is focused on cash, not potential.