I know your agenda is to short or attack Treaty bu

I know your agenda is to short or attack Treaty but why doesn't a buyback make sense?  Do don't seem to have much  share structure experience.  Just because an A/S is increased; it doesn't mean the shares will be used.  Why would a companies share structure have anything to do with a buyback? Do you think that they can't increase the AS while reducing the OS in parallel? Maybe the increase is a headfake for the shorties though I'm probably being a bit to over-optimistic on that idea.

As far as A/S vs O/S.  An increase in the A/S might be for future deals that require those shares sold into the market.  The increased AS might never be sold because the deal the shares were planned has the potential to fall through.   What if an existing drilling program all of a sudden starts providing much revenue and Treaty decides the AS isn't required but they can also afford a buyback.  In the oil business you can require an increased A/S one month but then have millions coming in the next month.  If they decide to buyback some of the existing float then the 200mm available shares might become 250mm available or 300mm available depending on how many shares they bought back.  Example: If they bought back 50mm shares just to squeeze the shorts then the TA and DTCC would need to account for every share.  Then Treaty would have 250mm in the A/S for future deals, less dilution, a short squeeze, and increased share holder value.