The oil price collapse has cooled what was previously a white-hot market – US Lower 48 M&A deal flow in 2015 was barely a third of 2014’s. Asset valuations now reflect much lower oil price assumptions, making it a good time to buy. But it will not last. Increasing numbers of cash-stressed operators could prove to be attractive counter-cyclical opportunities, not only to more robust operators, but also private equity which has yet to deploy the full extent of its firepower. We use o ur North America Well Analysis Tool to screen for sample acquisition candidates in the Permian and STACK – the two regions of the L48 still showing demand for acreage deals, albeit only in the right areas.