queensland firb condition satisfied, page-9

http://www.bloomberg.com/news/2012-09-12/chesapeake-s-mcclendon-taps-expanding-shale-oil-demand.html

"Chesapeake agreed yesterday to sell drilling rights and wells on about 1 million acres in the Permian Basin of Texas and New Mexico for $3.3 billion in three separate transactions with Royal Dutch Shell Plc (RDSA), Chevron Corp. (CVX) and EnerVest Ltd. The proceeds equate to $3,200 an acre, which exceeds the $3,094 an acre in implied value that ITG Investment Research estimated a larger group of assets in the region would fetch."

Big guys are getting positioned in the area, which is always a good sign. If we are to use the price per acre that Chesapeake got to MPO's 26,000 acres in the Permian than you get to see that this in addition to the cash backing we are still ridiculously undervalue at current prices. My opinion that is.