This is an interesting development. Ithaca will be doubling its production with the purchase of Valiant, and the SP takes a hit.
I am wondering if the volume of shares that drove the price up a week ago was anticipating Ithaca being sold, because of the JEC capital demands, are now being sold because the company is not for sale.
I am anticipating a financing in some form to pay for this purchase and could see a further pull back in SP.
I will wait to buy back in, but 15,000 barrels per day is some pretty nice profits to be rolling in, and there may only be till June before the real value of the deal is realized by the reported cash flow.