If the 1 SEA for every 2 TXN is correct, I would still expect...

If the 1 SEA for every 2 TXN is correct, I would still expect that there would be also a cash component. The cash would not be given to the investors, but retained in TXN2 to fund their East Texas projects.

If $50M was also included then TXN2 would have cash backing of $0.20 and it would value the EFS sale at about $20k per acre. This would value TXN at $0.61 per share + whatever value is ascribed to their additional East Texas acerage.

I can't see there not being a cash component as it would not allow TXN2 to carry out its objective of drilling these targets.

The question remains though is how much cash is the right amount.