Ok, here is the poop
If you look at PPY's presentation, then compare it to the presentation from a private company in the area, Black Swan, you would see that UGR's Beg and Jedney blocks are in a very interesting spot. Those two properties, which most people wrote off as useless to PPY, are anything but, to Black Swan. Those two contiguous pieces of land fit perfectly up against Black Swan's core area of focus, right where they say they are getting high-liquids, and very profitable production.
So I can see PPY selling those properties to Black Swan when the time is right. Neither company is under any pressure to do anything, so they can take their time to make a good deal for both parties. Or, alternatively, PPY and Black Swan could combine and JV their land bases. However, I consider the former a much higher probability.
Whatever the case, if you combine these new observations, with the land we KNOW is critical for maximum economics in PPY's core area, you begin to get the idea. The UGR acquisition was incredibly good for PPY shareholders, no matter the minor dilution of today. In a year, it will be meaningless.
So vote "yes" for the acquisition, as it is a heck of a lot better than the bashers would have you believe.