Exit Stratergy, page-13

It's exactly why any M&A in the TMS will be either unlikely or not very exciting..... because the projects there don't stack up anything like they do in the Permian and Eagle Ford. It's also why the real oil guys like BP (whom I used to work for) are targeting areas like Eagle Ford and not TMS which is viewed more like a 'hobby farm' than the more profitable and long term propositions. The results in the Aurora days were extremely coloured by the heddy times of the 2014 oil price, which is unlikely to be repeated anytime soon. Most of these 'fringe' projects will simply go by the wayside again if (when) oil goes back to $40-50, which is more possible than the 'idealists' think. At $11 mil per well and 20% royalties, these wells don't remotely stack up at all.... That's my point, and big experienced oil knows it.