Sounds to me like the new alliance is in accordance with MEO's  two-pronged strategy of low risk production development and "high impact" exploration. Their ability to execute is still to be determined, but I see no significant deviation from the stated business model. 

Even given a significant strike in TN, for MEO operations to reach a scale where they can become a viable producer will require substantial future capital investment. In today's tight credit market it will probably be vital for MEO to demonstrate their ability to prospect, explore, drill, test, complete, produce and sell their products. The Pennine alliance demonstrates those capabilities (we hope), albeit on a small scale.

I'm frustrated along with many others by the Halliburton interruptus that occurred late December in TN but I don't see signs of desperation in MEO management's actions. I prefer to read about caution and clever tactics rather than "irrational exuberance".  

I'm hanging on to my MEO for now. Their next important commitment involves resumption of testing at JB#2. 

Good luck y'all.