Ann: Farm in Option Agreement for a 2-well Campaign, page-75

Some good comments above. Thanks to those who pointed out the back costs. I missed that point initially. Seems to be a darn good deal (very cheap) for Cluff and not such a good deal for IVZ. I like that it is non binding and either party can terminate. Gives IVZ a good out, if better opportunities arise. I totally agree with the poster who said this is just an opening shot. Sets the bar. Looking forward to seeing it be superceded by better offers as more seismic details are released. Oh, and I really like that IVZ remains operator. Not surprised at the market reaction. We'll need a better offer to get the SP moving. Something to look forward to early next year, I hope.