Agree on the expenses ... like buying used car and comparing to...

Agree on the expenses ... like buying used car and comparing to new car. The question would be what is the secondary market value of that "stuff" and millions it aint.

Likewise the wells sunk by IOG ... they produced and what's left is the 1P PDP which AKK bought (which is why I say the acreage value is $0). IOG impaired the asset like most other E&Ps.

Net Net to me is why spend $2M to buy 120MBO PDP (and supposedly another 60 drill locations) producing a 50 bopd on annual 5-10% decline when you could develop 4 new wells - what was the NAV associated with that and the EUR (4 x 55MBO).

If you liked AKK's numbers before then you can't like the numbers of the acquisition OR the suggestion is maybe the development plan needs to change and this is the latest incarnation.