RE:JV acreage4100 boe p/d is too big too buy, IPO certainly too. They indicated they will start smaller. Entrada or IPO both would be more like mergers than straigh out buys in my view. BNE can trade away NAV to do that.
Don't be surprised if it's a different area since we now know they bought Montney acreage around La Glace.
The IPO JV is a township under Entrada: R5/T40. Some of it is IPO's own (or other JV I don't know) as is T 39
R.