Augusta,Thanks for the analysis. I read the AUT report as well...

Augusta,

Thanks for the analysis. I read the AUT report as well and have been doing back of the envelope work. I come up with slightly different numbers, but with the same basic conclusion - AZZ is clearly the best buy of the pack. There was a time, about a month ago, when ADI was the right buy. It has since more than doubled and is now overvalued relative to AUT and particularly to AZZ.

Trainee,

Most of the acreage along the Eagleford trend was held by minnows chasing the Edwards, or the Austin chalk. That was not a game for the majors. When the Eagleford first became a target, little was known about how it would stack up in the longer term. After 50 plus successful wells demonstrating good commercial conditions, the Eagleford has gone from experimental, and only for minnows, to a significant new play. Exploration departments in majors will be getting pressure from management about their lack of exposure in this new play. The majors then have to play catch up to get a position. Hope this helps explain.