The price paid by Exxon (XOM +0.9%) to acquire Celtic Exploration gives an indication of how North American gas asset valuations have fallen in recent years. Tudor Pickering analysts say the ~$4,800/acre price was below recent sales of $8K-$15K. Shell paid ~$13K/acre for Duvernay’s land in 2008, and PetroChina bought Encana assets for ~$8.5K/acre in 2011.
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