No doubt they would have researched it extensively before they made the purchase. Still, that doesn't mean it was a good deal, no one can say for certain until we have a number of wells up and running for a decent amount of time.
The fact that they paid under $4000 an acre should tell you that the acreage is unproven. Proven oily shale plays are selling for between 10-20 thousand per acre.
the niobara acreage is not proven, page-13
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