Montello spent $9 million for 253 acres of land plus drilling costs for JB #2.  I believe the total cost of the well is between $6 and $7 million dollars, so the land cost is between $2 to $3 million dollars.  From memory, I believe the royalties decreased from 18% to 8%, when they purchased the land.  This implies that Montello has a very good reasons to believe that the total value of gas and oil that can be extracted from the property would be greater than $30 million (they have samples from the top to the bottom of well and probably gas and oil shows).

I also believe that JB #3 would cost between $3 and $6 million if they drill a deep well because of the efficiencies gained from the experience  of drilling the first well.   I would also guess a shallow 2500 foot well would cost less than $1 million.