...sounds as if you are thinking that the sale of a royalty interest may be at play here.  If so, I can't imagine who would commit to spending 360k per year without drilling.  Even so, I hope that would be North Pipes or Silverbell before Hay Mountain/Walnut Creek.  Whichever it would be, the income stream could be discounted/sold to help finance drilling at any other remaining target.

Why are you giving us this exercise?