good magnolia farmout - ann., page-2

Make that a 19.6% carry for NWE Acturtle (slip of the key I presume). If only considering Magnolia, I'd rate BUY as a considerably better punt than Adelphi on the basis of BUY's 1% contribution to costs (one well) for a 10.4% stake vs ADI's 37.5% of costs for 25% stake in the permit.

Note that voyager is also carrying BUY for half the well costs for both Hadda & Flying Foam and paying BUY an additional $100K in exchange for an additional 2.5% stake in that permit. I think with a bit of luck BUY's fortunes could be on the turn.