By my math, the offer values their nat gas reserves at $1.35 per mcf if you x-out the oil. If did the same for us, our nat gas would be worth over $1 billion, and we'd be all out of debt with money to drill and buy lots of land.
I'm holding. MMs aren't in charge forever. Besides, they can convert to an oil trust. At these prices and 5 million per barrel annual production, they can pay close to $10 per share in distributions. As the stock is currently trading for less than $5, I consider it a fair investment. I'm willing to wait, MMs be damned.