It wouldn't surprise me to see a deal involving BYE/MEL/OEL.
BYE have the permits and expertise, MEL has uncommitted Cash.
OEL has cash but most of that will go towards SM71 development and G&A. They might go the c/note route to expand their GOM exposure, imo.
Anyway, I get the feeling some type of deal is being worked on. BYE , in their Mar QR, stated they need more funding around mid year 2017.
While everyone is chasing shale in the Permian basin (paying up to $60k/acre), BYE/MEL/OEL are taking a somewhat contrarian strategy with overlooked GOM conventional plays.
my speculation only.
MEL Price at posting:
4.1¢ Sentiment: None Disclosure: Not Held
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