a posit the jv agreement with pennwest might be more about ease of operations for pen in the area or a safeguard against goofs like mel experienced.the ercb is slow to react sometimes but word is they're nervous about length of laterals and coming too close to adjacent claims.if a well is drilled or a boo boo happens then the gor is good insurance and i wouldn't be surprised if gpi gives up the other 50%.play nice with penn and you'll get looked after.
worth a shot here at this price for red earth alone.
good hunting folks and good luck.