without any idea of what the actual farm in between LEG & BWD looks like, I would imagine it's a rolling option agreement so that as much land can be held by production as possible, let us also NOT loose sight of the fact that a good piece is on Blood land (First nations)... meaning that the mineral agreements probably contain some rather short timelines to prove up production before the likes of BWD & LEG loose the leases...
The importance of Mineral tenure is often overlooked by folks trying to foresee a company's fortunes in the WCSB... what a company does NOT hold by production returns to the crown (in BWD/ LEG's case it would be the Blod first nations) so that someone else has a chance to try their luck. SO... this "alternative measure" MIGHT just be BWD's effort to go 100% on lands NOT associated with the LEG transaction... as I wrote earlier... the seismic has probably been shot and interpreted by now... and THIS could be an effort by BWD managment to fast track development, cash out... OR both... either way... I see the fore sale sign as a very positive move...NOT an act of desperation...
All the market has to do now is shake loose the rest of the shorts so that a "real" 30 day..60 day...90 day average can be zeroed in on for a solid valuation.
as always just my opinion do your DD and git yer own.