RE:RE:RE:RE:RE:G and A is over-the-top Yes, back in the day in our public co. we were convinced by our Board to not take a salary for years .. put the money in the ground they said. At the end of the day none of it was appreciated and we simply got hosed. I wouldn't do it again, shouldn't have done it the first time.
Over at VLE there was, on this board, endless criticism about salaries being taken, no production yada yada yada, and then they announced a 20,000 bopd plus acquisition where they are now making huge Bank .. Then the same folks started moaning about reserve life and Vle then drill 8 wells, all productive and extended the field life of at least one of the fields.
My point is of course that you need to pay money for value. These guys have significant value, expertise and track records. Worth it.
By the by, did you ever look at the well logs in the TAG presentation comparing the ARF to the Eagle Ford? Pretty darn close ;)
Of course, if you're that risk adverse, don't buy it, and if you really feel it's a dud, short it. Ya play your cards, you take your chances but I wouldn't bet against this one if I were you ;)
November will come soon enough,
All the best to longs,
Doc