RE:RE:lack of update Agreed.
With SDE trading around $37k EV per flowing bbl and $5.00 per year end P+P reserves it would have made no sense to spend $1.7b net on XTO's assets at $53k per flowing bbl. SDE is slightly more expensive on an EV P+P basis, but converting XTO's slightly cheaper barrels in the ground to cash flow would have required big money up front.
If SDE needs to get aggresive in bidding on something, the best fit IMO is going to be Hammerhead.
Contiguous lands that tie together SDE's Gold Creek and Karr properties and expands the Montney focus without the distraction of non core holdings like XTO's Duvernay. And the potential of Riverstone taking back some paper with the recognition that a Spartan/Hammerhead combo would be a premium AB Montney player with material upside could give SDE an edge in a bidding situation.