A polite but contrary opinion. Which could be wrong.
XOM paid around $7M for BOPCO’s interests in three big Federal units in Eddy County. $23k/acre. This is in one of them. There are no wells here because it’s under potash, and BOPCO is a bunch of slow-rollers.
It will take time to develop from drill islands, but there is no chance that XTO/XOM isn’t currently working on a plan to develop Big Eddy Unit. Similarly no chance that this Fed lease will be allowed to expire. If you are willing to hold it forever, you’ll get a bunch of wells on this acreage. Forever is a long time. Makes reasonable sense to sell it now when prices are high as I’m sure somebody will pay you for a portion of the birds in the bush. I won’t pretend to know the exact answer, but I’m extremely confident that you would get a multi-million dollar offer (for your 305 nra) if you shop it a little bit.