Undeveloped Acreage versus Producing Assets • Trend toward valuation of PDP only (and maybe PDNP) • Less value attributed to PUDS (or other undeveloped acreage) • More deals with a greater percentage of producing assets • Back to the norm? • Onshore unconventional vs. onshore conventional vs. offshore Oil & Gas M&A Seminar: Identifying Opportunities in a Volatile Market 6 .