I think this  is  prime  negotiation time  for  both  PRB and  FNC..... Consolidation of these 3 will provide added  strength in negotiations  with a  major..... The  downside  risk  would be  minimal  for the 2  jr's  and the  upside  potential  still in  tact   for all, including  NOT  should  one of these  side  plays  hit it  big.

Lets  say  FNC  hits a   lens  similar to NOT....  where's the  share  price  going to  go.....  $10 to  $15  and would  reflect  a  market  cap in the  300 to 450 million  range.

Lets  say NOT was to  make a  move  on   FNC  for a 2 for  one  share  swap.... and the  same  thing  happened.... NOT  would  move  over  the  1 to 1.5 billion  market  cap range and  would  achieve  critical  mass.

Basesd on  that,   NOT  would be  trading   in  about the $8 to $10 range.... or  about the  same  upside  value to the  FNC  shareholder.... BUT the  downside  risk would be  reduced  to  near  zero!

Same thing  for  PRB.... I'd   propose to   trade the  3  PRB  properties  for  8 to 10  million   NOT shares..... divy  out    to PRB  holders on a  1 for 10 basis and the  company  would  hold the  balance.

For NOT, the  upside  risk of either of these  plays hitting another  lens  is why  Richard  should be   talking to    these 2.....  A major  is  going to  want the  core  properties to be  one  nice  tight  package.... and this  would  do it.  It  would  also  re energize the  market.

Have to agree  these 2 are a  gamble...... make a deal and they  become  investments. One  should never  let  ego  get in the  way  of  risk managment.

One  other   positive.... Sooner or  later  NOT  will  have to  split  off the  mcfaulds   plays... The  remaining  plays   will  likely  end  up as  1 ,2 or  more  seperate entities..... Thus  further  upside  for   the  jr's  and   additional reason  to   talk now. This is  prime  time   for  negotiations...... Soon the  dice will be  rolled..... and  both  will have  gone  beyond optimum  negotiation time..... at this  time  NOT  has  significant  risk  that   PRB  or  FNC  could  hit another  lens.....  thus  the  jr's  have a better  chance of  geting  a sweet  deal.... drill a few  dud holes  and the  bubble  will  have  burst and  negotiations  will be   stacked   in NOT's  favour.

JMHO