exposure to natural gas

Wexford Capital reduced its stake to 3,220,883 shares (11.83%), after disposing of 365,961 from April 2 through July 9 at an average price of $5.13 per share.

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Wexford Capital opposes the proposed acquisition of the oil and natural-gas drill-rig supplier by Allis-Chalmers Energy (ALY). Wexford believes the deal isn't in the best interests of Bronco shareholders. Under the terms of the agreement, Bronco stockholders will receive $200 million in cash and 16.85 million shares of Allis-Chalmers common stock. The combined consideration values Bronco's shares at $18.25, based on the closing price of Allis-Chalmers' common on May 30. (Allis-Chalmers provides oil and natural-gas services, as well as equipment.) Wexford may communicate further with Bronco about the merger and may seek representation on the board. It would like to work with management on strategies to increase shareholder value. Wexford owns 3.37 million shares (12.85% of the total outstanding).

Alpine Associates, a limited partnership, sent a letter to the oil and natural gas drill-rig company opposing its proposed sale to Allis-Chalmers Energy (ALY). Alpine said that circumstances have changed dramatically since this transaction was announced four months ago, and that it believes Allis-Chalmers' $16.33 a share offer is inadequate. It wants a significant improvement in the terms. Alpine owns about 1.6 million shares (6.1%).

Third Avenue Management sent a letter to the company stating its opposition to the proposed acquisition of Bronco by Allis-Chalmers Energy (ALY). Third Avenue said the proposed merger with Allis-Chalmers undervalues Bronco's common stock and is not in the best interest of Bronco's shareholders. In January, Allis-Chalmers, agreed to pay $280 million in cash and $158 million in stock for a combined price of $16.33 a share for Bronco Drilling. Third Avenue Management said it believes that Bronco's shareholders will do better continuing to own Bronco as a stand-alone company, particularly in light of the improving fundamentals in the natural gas drilling market in the U.S. Third Avenue holds 6,166451 shares (23.47%).

Bronco Drilling (BRNC) was downgraded to Hold rating from Buy at Jefferies. Price target and 2008 eps estimates hold at $17 and $1.43, respectively.

also own it

room for breakout

Drilling more and getting bigger

low pe

Once the insiders Bronco Drilling LLC and Wexford Capital stop selling their shares, maybe this stock will finally take off.

Never heard of BRNC, shall need to do research!