InterOil - Historic Buyout Without Reserves There are a few posters on here that contend that without any proven reserves no major would ever touch RECO. I would like to point to the case of InterOil. They were a junior in Papua New Guinea (Elk and Antelope fields) who had no proven reserves what so ever, and only what were deemed "contingent resources". They ended up getting bought out by ExxonMobil.
I'm not saying RECO doesn't have more work to do, or that this is by any means a slam dunk, but I wanted to bring this to the attention of the board as an example of a major coming into a promising play early on, prior to reserve confirmation, and buying out a junior. Reserves in RECO's case would be absolutely a huge positive, but not a necessity to a deal with a major.
Just something to ponder as we all wait for further info from RECO, specifically regarding the seismic program's results.