Ann: Chairmans Letter , page-10

The difference for SSN was they were broke and had minimal cashflow (and still have the same cashflow 12 months later despite having $70m in the bank but this could change, again depends if the Niobrara and Roosevlt delivers) and had just had a huge dilution of shares (2B fully diluted shares on issue). The land was also undrilled and they made a huge profit by taking a offer they really were not in a position to refuse and kept 15,000 acres for future drilling.