apc q4 results - commentary wattenberg, page-22

Hi SL,

Well thats a safe bet (I think). I'll go in at $5K/acre on Pathfinder (remember that don't have a 100% WI to sell) and selling half of their 11,500 acres - and if they can sell it at that price I would congratulate all holders (as there would be sharp rise in SP) and admit I screwed up a chance at what would look to have been an easy double and not post again for shame of it.

11,500 gross acres at 85% WI 65%NRI = 9,775 net acres to AKK

Selling half of their acreage leaves them with 4,887.5 net acres, or if its easier to understand

11,500 acres at 42.5% WI and 32.5% NRI

Buyer is paying to AKK sum of $24,437,500 cash up front
(i.e. $5,000 acre)