We value the acquired assets at US$1.27 billion. Against a consideration of US$850 million, this implies a long-term Henry Hub gas price of US$3.53/mcf. GeoSouthern is paying US$7,589 per acre (unadjusted), or US$4,167 per flowing mcf based on Q2 average production. This is less than Vine/Blackstone paid for Shell's assets on core Haynesville acreage last August. This reflects increased market uncertainty and a reduction in buyer appetite amidst falling commodity prices.