I haven't been tracking the activity up in Washington/Burleson County like I used to when I held, but it seems to be a relatively ignored region of the EFS, (that far North East).
Further on North East you have the emerging Woodbine play, not sure if any of that is applicable in the Brioche region however.
So whilst things could have changed since I last looked probably close to 6 months ago, I came to the realization that that acreage wasn't worth that much. But like I said, things could have changed since I last checked.
EKA's management did a good job securing the lease-pooling with Georesources for Blackjack Springs, however very little progress from EKA (excluding the debt facility) is visible to me since then. I've lost count on how many times I have heard "technical studies are ongoing with the Brioche project" without anything being presented on paper.
As such, $0.45 per share is a pretty decent take-over offer if you ask me, in these macro-economic conditions.
IMO anyway.
Good luck.
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