Sale??, page-13

Well lets see now.... Lonestar Resources just purchased 1,225 acres in Burns Ranch (LaSalle County) for $2.1M - comes out to ` $2,404/acre. Different area though and with Proved Reserves of 0.5 MmBo and and 0.6BCF (so 0.6 MmBOE). They look to have gotten this for a song - but it was the remaining WI in what they already had. Still thats like $4/Bbl for proved Reserves. It was producing 33 boepd from 5 Austin Chalk wells that held the leases - and that comes to ~$63,600 per flowing Boepd.

It all points to a number around the $4-$7M number - depending on PUDs which as you say, the acres have had a lot of money poured into the ground.

Tough time to be selling if you don't have too - maybe the primary lease term is a problem??