I was talking about just the Marcellus acreage. No one would want the high lifting cost coal bed methane properties in the Cherokee Basin or the Black Warrior Basin. Duhhh.....
I wouldn't be shocked if PSTR sells the acreage for less than $3000/acre. Remember, this is W. Virginia, not SW Pennsylvania. The thickness is different and there aren't really many long lived horizontal wells with which to build a composite decline curve and production profile.
West Virginia, thus far, has been far more accomodating than Pennsylvania.
I can't see them divesting the Marcellus, even to put it into oil properties. Remember, MHR is getting such strong economic returns out of the EFS and Marcellus due to the fact that they got the acreage for a song and a dance. If they had paid $3000-$5000/acre, it would be far more difficult to achieve a strong IRR.