BTW, even if CUU comes calling, I don't see all $20M going into a BXX buyout. Not when BXX is a 6.5 M company. CUU would need some of that money to drill in Arizona and the acquired BXX properties.

Personally, I'd prefer CUU shares to a buyout at current levels in cash. Say after a 5 for 1 reverse split, BXX's value is ~0.25 with 48 million shares outstanding. Say CUU offers 1 CUU share for every 2 - 2.5 BXX shares.

A CUU buyout is not likely (~10%), but ES runs both, and it would neatly consolidate things for him.