I Want To Cry ... No, Wait ... I Want To Scream

This morning I wake up a little late, look through the news ... and suddenly feel quite depressed. Apache (APA) has announced that it's buying Mariner Energy (ME) for about $26 a share in stock and cash.

Why do I care?

Because ME was sitting right at the top of my to-buy list ... Hell, I was expecting to place the order later today or early tomorrow.

If there's good news here, it's that APA is paying almost exactly what I think ME is worth. So, I'm not happy to be missing a 50% gainer, but at least I know my methodologies for valuing E&P companies isn't totally off-base (or if it is, at least APA is just as wrong as I am).



Back to the drawing board.