Not sure about how literal you are being when you say anything under 5000 bod would be dissapointing. While I would like to see that kind of purchase, I think the more important thing is that they don't pay too much for what they do buy.
Rumor has it that IAE was "outbid" by INA on the huntington purchase. I don't think that is a bad thing. Frankly, while I think INA had to do it, I also think they paid too much. INA just paid about twice as much per barrel of 2p reserves as IAE did on its last acquisition. Moreover, you can bet that people here would have been complaining if IAE had paid too much.
AB, I know you are really ticked off with management. I am not quite as annoyed with them as you are, but I would like them to at least start underpromising and overdelivering. Like you, I wish I had sold at 3.30 when the takeout talks were on. But here's the kicker, if I had done that, I woud have put it all right back into IAE when the price fell. The reason? No debt, lots of cash yada yada yada.