bid / offer spread 5:1 now

Also as a reminder :

http://phx.corporate-ir.net/phoenix.zhtml?c=250890&p=irol-newsArticle&ID=1724969&highlight=

Midstates Petroleum - Acquisition on Mississippi Lime
Cash 325,000,000
Preferred A Class Shares @ $1000 325,000,000
Total Acquisition Value 650,000,000
Acres 103,000
$ / Acre $6,311
Proven Reserves 37mmboe
$ per Proven barrel $17.57


Red Fork Energy
Market Cap 268,800,000
Cash 72,200,000
Enterprise Value 196,600,000

Acres 75,000
$ Value per Acre $2,621
Proven Reserves 25.4mmboe
$ per Proven Barrel $7.74


Red Fork Using Midstates Acquisition
Based on $ per Acre 545,500,971
$ per Share $1.421

Based on $ Proven Reserves $518,416,216
$ per Share $1.350

Then with a reserve upgrade you get over $2