Much has been written about how dry-gas-property divestitures screeched to a halt in first-quarter 2012, and that property sales with significant gas production had to be liquids-rich to work. That's not necessarily so. While no one wants to give away upside in proved undeveloped locations (PUDs), gas-property sellers can be successful when they agree to get creative and have long-lived reserves with held-by-production (HBP) upside.
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