Have We "Jumped The Shark" In The Permian -- October 23, 2018

Headline story over at Rigzone that made twitter, and I'm not making this up: "Nostra Terra acquires 8 potential Permian wells." Data points:

• Nostra Terra Oil and Gas Company (NTOG) is UK-based
• acquired Mesquite Prospect in the Permian Basin
• potential: eight -- yes, eight -- horizontal wells 
• the UK is excited about a second horizontal well in England -- yet to be drilled/completed -- so a report that any UK company that might report eight horizontal wells must be really exciting for the Brits
• NTOG acquired 1,384 acres. Wow.
• and it continues: this acquisition will represent a 308% increase in the company's total Permian Basin acreage position -- can't do the math -- are we talking an original position of 250 acres in the Permican for NTOG until this acquisition? Yes, there it is -- it "quadrupled" the company's footprint in the Permian -- 4 x 250 = 2,000 acres
• the CEO was even impressed that the wells to be drilled will not only be directional, but also horizontal
  
• potential: initial production of 9,000 bbls/month for each well
• anything less than 20,000 bbls/month initial production in the Bakken I consider a disappointment
• cost? 1/8 carried working interest in the first well and $150,000 cash
• $150,000 / 1,384 acres = $100 / acre

I must be missing something in this story. Or it was a a really, really slow news day.