No offence Scott, but you missed the point in the Jennings review of the deal.

You do not have to wait a year to see and pass the judgment on some managers who can create the value for their shareholders and some (like PDP and CLL) who are straggling to do so.

GTE was working in the same geographical structure like PDP.

In March 2008 GTE was trading at $3.5 per share. PDP share were trading at $12.

PDP had a larger market cap then GTE. PDP had a significant production above 8000bbl/d. GTE was producing onlty 3600 bbl/d.

As of the last week GTE was at $8 and PDP at 75 cents.

I may add that GTE has no long term debt and $260 million in working capital.

Do not sweat too much abut GTE shares doubling anytime soon. Their one year targets are about $9 per share.

PS: Can you rent me your glass half full. I desperately need one to boost my optimism.

More about CLL targets in the next post. Hopefully I will have a time between Australian Open games tonight.