Ann: Oil flows from Appalachia Program , page-12

RB Milestone Group in New York did an analysis on 4.11.2011
You can find it on the company's website under Investor Information/ Research & Media.

Price Target 52.6c

If hydrofracking is allowed 190,000 acres of marchellus and 190000 acres of Utica shale will be accessible.
According to the EEG's announcement of the 12.12.2011 acreage
just south of EEG's holding, dry gas acreage is selling for $5,000 per acre , While valuation of Utica shale in Ohio is up to $15,000 per acre.
Recent Ohio Utica farm-in by Hess Corporation at
$6,000/ac (NPV basis) plus a further 85,000 acres at
$8,800/ac
Valuation of Ohio Utica shale between $6,000 and $9,000 up to $15k/ac
So, what is it really worth if hydrofracking is allowed?
With gas prices at historic lows, production cuts and talk of turning the gas into Ethylene the time of low gas prices will be numbered.
My guess is between 2-3 dollars for starters.
Am I to optimistic or did I miss something?