The sign is out I would guess that someone came sniffing around and made a lowball offer ala Birchcliff's move to put out their sale sign duing the last qtr of 2011... It's all about the Board conducting their diligence on shareholders' behalf... with the "for sale" sign comes an ability for the company to crack open a data room and let EVERYONE see what is under thier dress... I would also speculate that Legacy may have served up a BIG intention to drill, that BWD mgmt cannot help fund... and rather than go penalty ...they are seeking a white knight... after all ANY working interest is better than NO working interest...
How BWD raises cap is irrelevant... THE good news is that it would seem BWD's partner is ready to kick off some production drilling... which means... IF BWD can get money IN place... (and there's every reason to believe they won't have a problem given the number of venture caps looking to get off the sidelines) then BWD shareholders can look forward to some fast paced development and some speedy increases in their production and reserve numbers... IF anything went wrong it was at LEG's end by jumping the gun on their op notices...
in any case that's how I read the tea leaves... the next couple of weeks will tell the tale (pay attention to LEG well licensing in the area)... seems obvious to me... that the seismic data has been interpreted by both companies... and BWD is ready to cash in some of their chips...
as always it is my opinion git yer own... GLTA.