"Pending infers waiting for something to happen? What...driling permits?"

That's not likely, because receiving permits is a given. Besides, an offer can be presented at anytime and made actionable subject to receving permits. In that way, an agreement can be locked down without exposing either party to liabilities should the permits not be received. I happens all the time in this business.

As to what "pending" means, who knows? That could be anything from a date on the calendar, to a hafl dozen or more hoops someone must jump through.

"Isn't the sooner the better the right time?"

It may seem so, but not unless the deal it right. Progress can be slowed, of course, should multiple "interested parties" have to keep revising offers to stay competitive with other bidders. The "right time" is when the best offer is in hand as weighed against the risks of awaiting something better.

"Just thought that was a weird way to answer that question."

Yes, I agree. I also agree that it's very hard to have to resond to questions where the real answers are not appropriate for legal, ethical, or strategic reasons.

VP, and all in my opinion.