i doubt a tender offer, page-4

Tilleydog,

I also had considered that maybe a party had approached SEA and was wanting to offer to take-over SEA provided the company didn't offer discounted shares (which would make Sundance a lot more expensive to acquire). I guess we'll only find out tomorrow, but it makes sense there was no announcement today, considering it's Sunday night in the US at the moment.

Hopefully SEA releases a detailed announcement tomorrow, and state what's the plan now, rather than simply pointing out that the IPO has been post-poned.

I don't really mind with a less aggressive drilling program, as whilst an aggressive one would have been great, the dilution was a big price to pay.

My only concern is whether this jeopardizes SEA's position to acquire more EFS land. In the October presentation audio, Eric mentioned they bought McMullen County acreage (from TXN) for 2 reasons:

1) It was a good Oil and Gas performing area.
2) Surrounding partners had financial issues which presented opportunity to expand Sundance's position at attractive prices.

I can't think of a better way to spend money than for SEA to buy some cheap neighbouring EFS leases (giving them years and years of high quality drilling inventory), so that's my only concern with the merger post-poned.

A Bakken sale (the Goliath project) occurring in the short-term would be great.