"What you're seeing is a land grab consolidation due to lack of reinvestment in inventory over the last 10-15 years," Matt Willer, managing director of capital markets and partner at Phoenix Capital, told Yahoo Finance. "We're not making more acreage."
He added: "Everyone knows where the oil is, and so you start to take a look at [it] and say, 'Alright, who is sitting on top of it and how might we bolster our portfolio in an acquisition to backfill what we didn't do in active reinvestment over the last decade?'"
HE8 Price at posting:
5.4¢ Sentiment: Buy Disclosure: Held
