About half their acreage is worth that must as it is liquid rich, the other portion is expected to be mostly dry gas so it is probably worth half as much. Still you are around 500 million, a lot higher than current market CAP.
Yep, I just took a look as well. Currently the proven liquid reserves for the Marcellus asset are around 400MM barrels +/- 100MM. This is in line with the Statoil property estimate for their 70k acres. Statoil estimates 300-500MM barrels total reserve.
I think we now have a very important data point in valuing this land and have identified a buyer who is looking to expand their liquid operations 10 fold by 2020.
Time for GST management to start negotiating if they have not already begun so.
This is looking like a major opportunity for them.