APCO have 530,000 net acres (70% in neuquen) 
The offer is $427 mil
EV is $427 mil - $35 mil in cash + $3mil in debt = $395 mil
EV/ net acrees = $745

Americas petrogas (BOE) have 980,000 net acres 
EV 980,000 X 745 = $730 mill
PPS 730/ 230 =  $3.17 per share