SHE will participate in the initial wells in each DSU Jewell,...

SHE will participate in the initial wells in each DSU Jewell, Rangers and Flames but BRK will not " invite them " to drill the development wells unless they provide a substantial free carry of 20-30%. this will only occur if BRK decide to develop the entire DSU .

This decision will be based on what will give BRK the highest return... the other options will be to sell the DSU's undeveloped after the initial wells have been drilled, or fully fund the development which will cost them ~US$200 million.

The last option is the least likely IMO

The most important point to realize is that these 3 DSU's and how they are monetized is only the beginning of the BRK story... any significant cash BRK receive will be redeployed into further undeveloped acreage positions to to continue the conveyor belt of buy, revalue and sell ( the asset or the oil) and that belt should start to accelerate as BLACK MESA will have a greater scope of assets to bring to the table.