RE: Best Case I know two deals in Virden, MB where around 200 bbls/day with no additional land both went for around $20 million. One was to Corex and the other was to Tundra. With similar production and more upside I'd hope a deal would come in around the $25-28mill, minus off our debt and we should see 5.5-6 cents.
To answer Saskys questions, no they're not common, but will probably become more common with the extreme tightening of the credit markets. Some companies stayed small and have production/money but no land, some tried to expand too quickly so they no money/lots of debt but lots of land.