They've picked up more acreage since the IPO - Currently its around 33million acres..So around $1.19 per share if they were to farm it out...
which of course they're not going to as they've got another ~$0.20 per share in cash to develop their acreage, the technical expertise and experience to do it, and proven gas flows in a number of wells.
and we're still trading at 50% of the IPO price which was just months ago