I think you need to look at the Conoco Deal in terms of % share.
Using your original calc:
Bru holdings = approx $45 million
Cash on hand = $25 million
Conoco Deal = $110 million expenditure * 25% = $27.5 million
Total = $97.5m
Market cap: $200m (per asb sec?)
Implied value of other permits = ~$100m.
$100m for a butt load of top quality acerage.
Just imagine if this goldwyer is as good as the eagleford. AUT has 16,000 net acres with a market cap of $1.4b.
NSE has over 2,000,000 net acres with a market cap of just $200m.
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