Call me an idiot, but it's been a key concern of mine all along.
As I have said, I don't believe there is any merit to the idea that the non-operator model is less expensive or less risk. There is most certainly not "less risk" - I would say there is more risk since they have no ability to proactively match drilling rigs to controlled acreage. That sounds like a very inefficient approach (scattergun-like), IMO. Drillers invest in acreage they know, one day, they will drill. For that reason, they are willing to pay a premium for land. NOG is simply crossing their fingers. We know that XX% of acreage will not be drilled, so those leases will expire and then NOG will be forced to pay market rates for the land if they want to continue to control the land.