Price / Acre In The Permian -- June, 2014

From Seeking Alpha today:

• Aubrey McClendon would seem to be overpaying in his $2.5B purchase of 63K acres in the Permian Basin "unless he knows more than we do," Jim Cramer says while acknowledging that McClendon - a "genius" a buying energy-rich land - probably does.
• Some companies have figured out the "code" to drilling in the Permian Basin, and McClendon is unlikely to have overpaid in the long run, Cramer says.
• McClendon's American Energy Partners is not publicly traded, but investors can benefit from the Permian Basin boom by buying stocks such as Pioneer Natural Resources, EOG Resources, and Cimarex Energy, Cramer believes.

Back-of-the-envelope: $2.5 billion / 63,000 acres = $40,000 / acre.

For that price, Chesapeake should have stayed a bit longer in southwestern North Dakota looking for the Three Forks.