V8,One item of differentiation is 2P reserves - the GGP 2,300...

V8,

One item of differentiation is 2P reserves - the GGP 2,300 acres doesn't have it. Don't how how far off of getting it for that acreage GGP is - have to be close to having enough data for reservoir engineer to do a reserves report surely.

We do have flow information - even if all were at say 75 bopd we still have 300 bopd with more than as easy double with drilling end 2012.

Using the numbers floated by Eagle you could say that 100% WI is worth around $30M for those 2,300 acres at baseline $100K per flowing boepd. The issue is have they been sufficiently derisked? If say 50% is risked then $15M. If we retain 50% WI then its $7.5M to sell off half plus 55%-60% of expenses incurred to date.

IMO that may the the issue for JV - have we sufficiently derisked the prospective acres such that value is seen by both parties (us not giving away the farm and the partner not paying to much).