It seems that I am very seldom on the same page with JD of late, but he is pretty much bang on with the above post.

I agree that SPQ and KWG appear to be on diverging paths of late, and with CLF's involvment with both FWR and KWG, it may be that NN simply plans to become a thorn in their sides in the short term.

While there may have been some question concerning their ability to continue funding the joint venture, this recent PP should money them up for the coming season, and I would bet that there will be considerable change to the landscape by the end of it. One concern I have is that I believe KWG assumes operatorship of their JV this year.

FWIW, I am betting fairly heavy on SPQ, while I no longer have any involvment in either FWR or KWG at the moment

Best regards

K