the u.s. shale oil boom, page-45

TB shared with us the valuations with Niobarra's full development and this is my initial long term target. As the market is always irrational (market psychology), the SP can be above or below this valuation. With fundamental updates and market re-rating, I will move my target accordingly.

What's best about this play in my case is that I have been free carried for a long time now with huge margin of safety (as my cost basis). I have trading parcels though that allows me to accumulate more free carried from the outcome of short term plays from ST/DT.