RE: Predictions Good thought process Arizona but the only point I would bring up is I believe Ithaca management felt that the huntington deal at the price INA paid was not a good deal and I would be very very surprised if they bought half for about half the price.
Ithaca is large holding of mine so when I see the markets rebounding and Ithaca relatively flat I do get frustrated. However, I do believe like you that their feet may be a little closer to the fire to get a poison pill of sorts in place to prohibit being bought out and a solid 4000 plus bbls per day acquisition would likely do the trick.
I would not want to be running one of these companies as you are in a bit of a "no win" situation.
The good thing here is as we get closer and closer to GSA start up and the quarterly updates are released, the share price should appreciate. Acquisitions and the JEC prodding should enhance definitely support this occuring as well.