IMHO, the stock isn't responding positive to the news because the whole reason MEO moved up above a dime without any revenue in the first place was because of a story about an titanic blowout well that they were tracking. When you speculate about how .20 is what JB3 & JB4 will be worth by themselves, you aren't taking into account the $9 million that went into JB2 and added cost of the later wells. As it stands, MEO is currently a story about tons of paper, no money yet, and one relatively minor oil hit. If it weren't for the legendary blowout story, most of us wouldn't even be here, so the "speculation" that we're all chasing is not a couple of 750bpd wells, it's something much greater than that. And that's what MM is waiting for, too.

I'm the furthest thing from a basher. I've been preaching the MEO story to everybody I know since last summer ... but I have to say that the talk of $5 by this summer or $23 in the near term seems a little overboard. I'll do cartwheels if I catch a triple at .42. When that day comes, Bill Cawker and MEO are already heroes in my book.  

For the record, I'm thrilled with the development. If we grow dozens of producing wells, we're going to get there eventually. But it will happen slowly and based on positive cash flow and real fundamentals and we're a long, long way from that right now -- or at least we think we are until NRs tell us differently. JB3 is not the elephant we were hunting and that's whyu the price is down this morning.