IMO, the buy back will only be partially fulfilled and extending the offer into March won't help out Ed. The buy back was iniated by Ed to minimize the risk of a take-over. I see two options; 1) they increase the offer to a number closer to $3.00 or 2) start working closely with Athos (perhaps promising them a seat on the board of directors) such that in the event of another take over bid, Athos would vote against it.
I agree, big week to come; the offer ending in two days and then earnings next week. More so, there will likely be an Operation Update next month (probably first week of April), which will hopefully be a real OP as the previous ones did not offer any information on the next steps to increase production. Based on the December 2012 presentation by Medco, production is to increase to 14,500 bopd by 2014 in Yemen; Calvalley is far from this production and they will need to start to be more agressive with their drilling program.