us$200mil sale of yellow rose and bluebonnet, page-20

Patersons, on 10/13/2010 valued the Petrohawk farmout acreage at .16 AU a share. This was after the Donnell well results. Its hard to say how much its worth since the terms not released. Patersons speculation back in 2009 was that it was 50% ownership after payout on a individual well basis. Now that we knowledge of two months of fantastic production on the Donnell well the farm out acreage should be worth more. I figure .52 on the cash, .22 on petrohawk acreage, .03 on other Texas production, minus .05 for debt. Thats .72 a share.It will probably open at .62 and where it goes is anybody's guess. I am shocked CHK bought it. Now I know for sure it was operator error on the production. Best thing about the farm out acreage is Antares/San Isidro can't screw it up.