Agreed.

This is normally too early in the game to be worrying about being taken over, but the way management has cautiously executed this process during the last few years and the amount of knowledge about Bentley that's widespread throughout the European energy industry and the involvement of much bigger industry players.....well it all leads me to think a takeover would be the only logical conclusion some time in 2011 before they even have the initial wells completed.

Every energy newsletter I read tells me that the oil fields of the majors are all in decline and they are hunting high and low to replace their reserves. XEL's properties are like a bright, shining Christmas gift for them, once the flow rates are shown to be great.

Cheers,

PW