IMO, the Tesoro in its self is very valuable. The other new properties have around the same potential as the Tesoro.

The most logical thing for the company to do is, sell the Tesoro on its own and prove up the other proximity properties. IF a big guy wants ALL of the proximity property, then, it should be reasonable to beleive that this extra 249% land would add double to the buyout price.

For quick consideration, if the Tesoro is worth $100 per share, should,nt twice as much property along trend be worth 50% without proving up a whole lot?