A few days ago Cnooc agreed to buy a 1/3 interest in CHK's 800,000 Niobrara acres for 570 mil cash upfront and funding 2/3 of drilling and completion costs for another 697 mil thru 2014. That values a net 267,000 acres to Cnooc at $2135 per acre upfront and over $4700/acre overall.
It remains to be seen whether or not DBLE's acreage is comparable to SSN's and CHK's, but with a current EV of ~190 mil at 10.50 per share and the Niobrara alone possibly being worth 210 mil at 3,000 per acre or more, one can see why this hot streak DBLE has been on may have more room to run.
Given their other producing properties and 90+ BCFE reserves + 28 mil positive cash flow or about 2.50 per share, I think that DBLE could easily reach it's old highs of 20+ in the next few months. (Or get bought out at 15+ before that).
All imho and good luck,
Vic
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