Twin Butte Energy Ltd TBTEF

RE: RE: Cawston out/Saunders In

[bshort92]

Based on some previous actions by Saunders I would surmise he would do a share deal and hitch up with a suitor to get the max return like what he did with Prairie Schooner. Cawston was not an inside purchaser. I'm sure he had options at $3+ which may be why he left seeing that his options in a stock swap might be worthless. Not sure if Saunders was happy with the outfit's direction. Couldn't be based on share price but the feeling might have been mutual. At any rate jr E&P's are desirable as intermediates can grow by acquisition more efficiently than by the bit based on current market conditions. TBE represents a good deal to a suitor and its tax loss numbers of $200 million or so are compelling assuming they can be transferred to a suitor. Maybe TBE will be the suitor and buy someone else their size or even bigger to take advantage of this benefit. But with Saunders in the saddle things are going to happen...no doubt about that.