market folly

John Scully's investment firm SPO Advisory has filed a 13G with the SEC regarding its position in Resolute Energy (REN).  Per the filing, SPO now owns 19.3% of the company with 14.99 million shares.

This is less than the 17.11 million shares they reported owning at the end of the second quarter.  The filing notes they sold 2 million shares on October 28th at prices between $0.47 and $0.4991.  Shares of REN are down over 59% over the past six months.

Per Google Finance, Resolute Energy Corporation "is an independent oil and gas company. The Company is engaged in the exploitation, development, exploration for and acquisition of oil and gas properties. The Company's asset base consists primarily of properties in Aneth Field located in the Paradox Basin in southeast Utah (the Aneth Field Properties or Aneth Field), the Permian Basin in Texas and southeast New Mexico (the Permian Properties or Permian Basin Properties), and the Powder River and Big Horn Basins in Wyoming (the Wyoming Properties). Approximately 86% of its estimated net proved reserves were oil and approximately 92% were oil and natural gas liquids (NGL). The Company has an interest in gas gathering and compression facilities located within and adjacent to its Aneth Field Properties. Collectively called the Aneth Gas Processing Plant, the facility consists of an active gas compression operation operated by it and a dismantled gas processing facility."