As to the comment on the acreage, I view it as a positive as no competitive bidding, and more likely for the deal to go through. Gary has been one of the sharpest guys around and obviously he has a plan w/ the restructuring of the Seminole contract a large part of it.
As to Capex, in the webcast it was stated 17-20 wells for 2011 @ ~$1M each, with partnerships they were penciling ~$13M for 2011 and Gary stated twice that the $150M 2011 Capex was exclusive of any Capex for acquisitions. With PostRock & NGAS acquisitions I'd estimate closer to $175-180M Capex for 2011.
That being said he also stated that he would like to see the 3 basic geographical areas fight over Capex $ and he doesn't really care where he drills as long as it has the highest return possible, w/ the exception of what is necessary or prudent to maintain acreage or contracts.
They will either divert funds originally intended for the Eagle Ford shale, or they will increase their overall drilling budget, which is not out of the question.
I think the target for the EFS is now a little lower than before the deals were announced. NGAS properties will require some money and time to preserve acreage. I suspect this deal will pay dividends, if not now, within 2 or 3 years.