akk takeover target halcon must be looking, page-17

"Why would HK make a T/O for AKK. They would then have to divest (as it would be non-core and not part of their strategy) of everything but EFS."

I agree HK won't be interested, however, you have only assessed the Texas value, and also forgotten one other thing,

At end of initial JV - 4 horizontal wells worth some $12-$13m just to drill and complete @ our 30%WI. Plus Birch3 and 2? verticals (probably zero).

So you need to add this to the remaining acreage value, as we'll have 5-6 producing wells proving up the reserves/ value.
Much more than drill cost I'd say.

Then need to do NPV on maybe 50 more wells

Add all parts, all 4 projects.
anything under 2c is a no brainer, and little exploration risk now.