While the reply is an adequate response to the Iroquois letter, it also shows that it is highly unlikely that the company will be executing any tasks in the next few months to unlock the value of the oil/gas reserves. In terms of production and cash flow performance we can expect to continue to tread water for the foreseeable future and perhaps a couple more years.
The only exception to this would be if another company recognized the under-valued assets and bought GFP. That might result in a nice double or so from the current share price, but probably nowhere near the 30 cents plus that GFP would hope for, especially with the millions and millions of warrants exercisable in the high 20 cent to low 30 cent range.
Also, the letter showed that millions of shares issued for the GGC purchase will be freely trading this June and millions more in December. A mere portion of these could be sold and help sink the stock price even lower than it currently is. That's just one more reason NOT to buy any more shares now since you can probably pick them up much cheaper in a few months. The company's market capitalization will probably be down below $10 million by then, making the likelihood of a buyout or takeover even more likely, but not necessarily at a price that will make anyone here wealthy.