Hard to know, Raider. I also owned ZEX back in the day at $1+, basically broke even and kept an eye on this in the meantime. I don't think we need much more than the existing JV, along with the acreage that the first two wells secured, to make this into a pretty attractive play. I am assuming that the other two plays will fall by the wayside, especially since the deadline for Panther is in less than three months.
Still, ZEX could choose to drill that January well on its own with the $20MM or so it has in the bank- what it will do with that cash is a key question, especially since there won't be any need for cash on the JV lands for quite some time.