I imagine these are not easy questions for Jon to answer at this point - but let me give you my perspective, whatever that's worth:
First let's assume everything goes well and these deep rights are acquired. Deep wells are expensive and take time to drill - and some of these may be dry holes. But the best way for a small company like NNYG to develop a play like this and minimize dilution and risk (which, from what I understand, is a big priority to Jon) is to partner with a bigger company (access to money and rigs) and retain a carried working interest. That's why I made such a conservative assumption about the acreage developed (10%) to account for a "partnership" of some sort. Jon has good connections in the industry and, IMO, he will have no trouble arranging a creative solution.
Next, these deep wells are not going to be worth drilling unless there is a least 1 BCF reserve potential (that's why I used that number as a minimum). Once a successful well proves up some reserves (in many cases, all it takes is one) that's when the proven undeveloped reserves generally make a difference to the stock price. But remember this business is not about manufacturing widgets - it's about taking risks and potential upside - people speculating on this upside can also move the stock price even before the first well is drilled.
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