if you look at the maps, its like a jigsaw puzzle with pieces...

if you look at the maps, its like a jigsaw puzzle with pieces missing, ever-changing, and the expiring leases, there is hardly a business model for an operator to grab a 100 or 300 or 64 acre block randomly expiring, they all expire different dates.. you need a region and then deal on all issues for the entire block.. water rights, pipelines, etc etc

so some will go on hold out and get drilled out, some will be forced to take a cut of the well and have their acres drilled anyways.. rrc allows for this. often they just re-lease. for sundance to pick up anything considerable locally to match their region would be minor miracle stuff, so much is hbp... cant see it happening..

but if you think you can get a 1000 acre contiguous block on a platter from anywhere in the efs on a lease expiry, imho you would be facing a bidding war as a landowner

sundance urgently needs a bigger efs slice, 8123 ais not enough... and the must have something on the go.. they would not just list on the nasdaq in the hope of finding something one day.. you would have to have a business model in mind to present to get investors on board, you have to spend that capital from the sale last year on an new oilfield also

take out the cash and sundance is worth $400 mill market cap

very undervalued if you look at the AUT deal

all imho and dyor..