txlaw, I quite like the idea of XCO being an investment vehicle. However, if they don't get any deals, according to their 10-k, their current net acres is around 500,000. This is much smaller than SD's Missisipian Lime alone. (1,750,000). SD's market cap is around $2.65 Bn and XCO is around 1.5bn, and SD has 44% oil production in it, so I am not sure if XCO is really that undervalued?