As far as I'm aware, the investment in Hilcorp is for a share of...

As far as I'm aware, the investment in Hilcorp is for a share of 100,000 acres, so definitely not all of these are producing. I also don't think ADI's acreage is involved in this investment by KKR. We have some of the best producing assets in the shale, and I doubt Hilcorp would be offering them, and doubt KKR would be as attracted to multi part ownership (shared with all the wining Aussies :)). Easier for them to just partner 40-60 with Hilcorp on other (undeveloped?) acreages, or whatever the deal was. Putting a price per acre value on ADI is probably not the best way to calculate value, better as you have just alluded to in terms of producing wells, projected cashflow, cash on hand (to develop more), and what's happening in the near term.