In September, Viper Energy showed just how lucrative Permian royalty acreage can be, coughing up $1.1 billion for about 3,700 royalty acres. But some minerals buyers are evolving beyond the already dicey acquisition of acreage ahead of the drill bit. Now so-called “white space buyers” are snapping up acreage before there’s production, DUCs—or even drilling permits. Are buyers placing a safe bet or dealing themselves into three-card monte?