Ann: Mississippi Lime Acreage Increase in Kansas , page-8

re: Ann: Mississippi Lime Acreage Increase in... $10K / acre is when the lease has been proved up. I'm no oiler but generally at least 2 productive wells are required (or at least one + good 3D seismic). The proof extends a certain number of well spacings which allow further reserves to be increased "at the drill bit". So you not only need the acres but a certain amount of successful drills to get this valuation

A more realistic estimate would be $4000/acre which is what the acres are being sold for in established resource (vs reserve) areas. So if the Kansas limb of the play follows the success of the eastern limb of the play, AOK's acres could soon be worth approx $100M. Add production and good will (assuming continued success and clarity ) and I think 40c would be reasonable in the next 1-2 yrs.