RE: Rumination For the self-proclaimed expert on BWD you would know by doing the math on the Legacy deal that the capital contribution or promote was roughly $2500/acre if LEG drills all of the wells. The baseline land valuation was $1500/ha and with the "overwhelming, barn-burner" style sucess that all of these wells have produced so far all of the land must be worth $100,000 a section by your match.
BWD will be lucky to get
.30 in this deal as there simply arent enough players to truly get some strong competition going. TORC remains my bet as they have to go public eventually and have raised $400 mm+ and will need to have a story to the market to hold their lofty valuation long enough to buy backfill.
Legacy was all about using Colborne mojo to backfill value with acquisitions all over the place in the first year, then flat to negative per share growth since. Do you really think they are the golden boys? Top price if they hit the bid is
.30 range.