It would be a disappoint to most shareholders because an early JV with BP typically involves a large up-front cash payment and additional milestone payments. This would be expected to pop the share price and deliver large paper gains to investors, and some would obviously take some profits. Since the company has elected to not partner and to keep control of our assets and possible revenue stream ourselves as we continue development, one would certainly expect shareholders to be disappointed if they had anticipated a large pop in share price.

Some equate lack of BP partnerships with no BP interest. Others understand the long-term approach management is taking by choosing to become a much stronger company before considering such offers.

Perhaps revisiting Gerald's blog posts and listening to the 3 major conference calls in order might give a clearer picture to the overall strategy changes we've seen over the last year. I don't view these changes as a failure to execute as some do, but instead a constant re-evaluation of the best path forward based on how things are unfolding. Is that good or bad? We won't know until later. Some investors have more patience than others.

Here's my previous post with links to the various conference calls and Twitter session, if anyone needs them.

http://investorshangout.com/post/view?id=1981483