My valuation approach is shown in the previous post. I used the 2P numbers from the FS as they are the only ones available. They are subject to change when the remodel is done. When Elmer and EE signed the JV they placed us in the pre-FS position you describe. That's why some of us were so furious at the time. We considered it giving away the farm. Until we get the remodel and RE we won't know the economics either.