complicated deal, but do-able.... apparantly the new buyer might have to start all over with the permitting process because the permits are not transferrable........ however that can easily be mitigated with Bridge/Paramax being involved with equity and still holding the permits , that is if the permits are of real importance to the deal. What is the most important, I think, is the quantity and accessibility of Gas. These M&As are done all the time, so unlikely the permits are a deal breakers. cheers, N