There’s been a great deal of anguish over the share price, which, while it doesn’t impress me, it doesn’t drive me to despair.

My point is that MEO’s share prices does not have to have a rational basis, in spite of market theory. We just have to look to the future, and decide if we think there will be reason for the price to go up.

Anyone getting a degree in Business, Commerce, MBA, and others, will have to learn about and regurgitate onto an exam paper, The Efficient Market Hypothesis. This basically says that since all information is known to the entire market all the time, share prices always reflect all the information in existence. Meaning MEO is always priced just right. It also means that no matter how smart you are, you can never make a profit greater than the market average, and no matter how dumb you are, you can never make less that the market average. I’m sure Enron, Nortel, and Brea-X investors will agree with this.

Being that we know that MEO has hit it big time in the Copper Ridge – why else would they want to drill 3 wells and plan for another 21 more? With the recent NR, we now know about the completion plans, and can expect to see some very impressive test numbers come out this Fall.

Having said that, I believe we’ll see the share price go way up the Fall, until then, sit back, have a cold beer, and enjoy the summer.