takeover probablities, page-16

I think you need to look at the Conoco Deal in terms of % share.

Using your original calc:


Bru holdings = approx $45 million

Cash on hand = $25 million

Conoco Deal = $110 million expenditure * 25% = $27.5 million

Total = $97.5m

Market cap: $200m (per asb sec?)

Implied value of other permits = ~$100m.

$100m for a butt load of top quality acerage.

Just imagine if this goldwyer is as good as the eagleford. AUT has 16,000 net acres with a market cap of $1.4b.

NSE has over 2,000,000 net acres with a market cap of just $200m.