MathematicsInteresting co here - let's play with some numbers...
117,900 gross acres = 184 sections
50% retained = 92 sections to BWD
10mm per section = 920,000,000 boe
at 15% recovery = 138,000,000 boe
at $25 per boe reserves = $3.45 bln
with no effect for dilution, $11.89 per share in upside (on reserve basis, not risking land)
Another interesting feature:
Legacy deal is worth $56mm in drilling commitments.
I expect we make some decent moves in the next 12-18 months.