No production acquisition will make sense at the current...

No production acquisition will make sense at the current production rate and current price (the vendor can do arithmetic and would not sell).

The key to a successful purchase is:
1. an upswing in POO
2. successful low cost recompletion/stimulation (in this case acid not fraccing) in existing wells especially if cash flow was needed for #3
3. and most importantly, low risk development opportunities.

Reading between the lines, 1/2 the gross acres in the deal are in the Sansinena Field which is a late fold caused by a NW-SE thrust which forms four fields in the Puenta-Chino corridor.  Reservoirs are Miocene clastics.
While I have not mapped the fields in detail, I note from the map below the 5 sections of the Sansinena Field (centre of pic) has about 35 wells and some large undrilled areas (each green square is a sq mile) while the fields to the NW and SE have been at least a 20 acre spacing.
The value in the purchase is the amount of undeveloped oil.  Have the previous explorers missed something (first oil in the area was 1880)?  Only a very detailed study would know but I would add that for a variety of historical and cultural reasons, California has not been explored as thoroughly as other US states.