RE: RE: RE: RE: Merger may be only option. There's always concern about not raising your expected captial, but with Charger the investment was with the management team. Their hope was for 140M, but that doesn't mean they didn't plan to receive less, it did handcuff them though.
Here's the way I see it, good or bad will depend on your view.
With the merger you basically get Chargers Management team, the team that ran Provident/Pace properties long before Fred Woods and Midnight/Pace bought up the assets a couple years ago, for $0.18 a share along with some property and some production.
I'm not entirely in the know with Avenex, but judging from the posts the management has not been very liked and under the reins of William Gallacher who, for the better part of the last 5 years, has been more focused on purchasing an NHL franchise than actually running his current company. He wants out and has a good balance sheet after the ER sale (right or wrong).
Now with the 3 companies you have cash from AVF, new management that has extensive knowledge of the properties and a stable base production (~3,000 boe/d) from CHX, and along with the core assets and production from Pace.
The worries going forward are, as always with this sector, are price fluctuations.