$200 million.
$200 million / $5,000/acre = 40,000 acres
$200 million / $10 million/well @ 5% working interest: participate in 400 wells at 5% working interest
$200 million / $10 million/well = 20 wells
NOG is the 12th largest leaseholder in the Bakken with 180,000 net acres; currently drilling about 160 gross (12 net wells), which works out to be about 7.5% working interest in each. The company says it has the potential to acquire 3,000 to 5,000+ acres/quarter, or 20,000 acres/year.
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