Ann: Drilling Program Revised to Focus on Near-Term Production, page-14

"So you think the whole deep gas plan was a sales ploy by CTP to get NZO/CUE into the 50% purchase + funding deal?"

That's a pretty stupid idea. Why would you try and trick other companies into taking half of your proven, producing assets to fund a well you know is going to fail? You'd just not drill it, and hang on to 100% of your producing assets.

The geological reasoning behind PV Deep is reasonable and so is the farmout process. It's risky, but it's a valid play type with decent upside which is why they farmed it down for a free carry. The problem with this process has been the drilling plan. NZO and CUE both would have had to OK this plan so it's not exclusively CTP's fault.