RE:thoughts...Let's pretend Newco has 4 central alberta belly river wells that could produce 200 barrels of oil (ipo 365 days) that could be drilled from one pad.
Why would you want to mix this high netback light oil with lower royalties for first 5 years...with lower netback old vertical heavy oil wells?
Market will never value that well being in a mismash of assets.
Unkown question is the quality of drilling inventory newco has.
Room does exist in patch for new smaller companies to exploit smaller plays like Belly or sparky heavy oil that is too small of a play for large companies.