WB,
I was valuing the undeveloped acres only as a base case. Yes O, the developed acres are being valued at about $14k to $15k/acre. There lies the upside.
Forget the sellers in the mid 40's. You know most of them will disappear when the SP approaches and/or the spud date gets closer or even better - announced!
If you wanted to stack the offer you would place a large line a few ticks above the offer - not 25% above last sale,
all good!!
E