I know some of these numbers are pretty big but let me lend you a calculator (and I'll push the buttons for you too just to keep the mistakes to a minimum). Renegade bought 3600 boe/day from PennWest for $405 million. Here's where it gets complicated so try to follow along:
$405mm divided by 3600 (boe) = $112,500 per flowing barrel equivalent.
If Eric Nuttal thinks $112,500/flowing boe is a steal and you agree then you should both give Murray a call because he'd be happy to hook you up with some "cheap" oil too.
Incidentally, PennWest's finding and developing cost is ~$25k/flowing boe so on the face of it, a 450% return would disappoint no one (Except evidently the self-made billionaire, Mr. Eric Nuttall. Oh he isn't a self-made billionaire? A guy with a brain as big as his should be - no?). Anyway, belly-up to the bar! Fill your boots with that "cheap" oil that Mr. Nunns is giving away boys!
Or better still, learn something about the oil industry, how to use a calculator and when to keep your stupid mouth shut.