RE:wondering...Aside from E and P's being under pressure today, selling fec to buy CGX is simple math. If they hit, the greater upside is with CGX. If they miss you'll cover, if your positions are balanced correctly. But hey, as long as we're calling each other idiots...
As far as pumping fec goes, I'd put my money elsewhere. The majors in the basin are selling assets in other parts of the world to fund drilling in the G/S Basin. Fec only funded two holes and is burning cash buying back stock... they or projecting that they will partner, or at least I certainly hope they do.