Long Range forcast MXXR:
Currently about 220,000,000 OS
Oil Price $55.00 a barrel
Cloverlly:
PUD (Proven Undeveloped)
250k - 500k barrels, average 375k
375,000 barrels = $20,625,000.00
Projected oil on site, 10 to 11 million more barrels.
Average = 10,500,000 barrels = $577,500,000.00
Projected gas find = $35,000,000.00
MXXR's cut after all takeouts equals $31,656,250.00 which gives a book value of $0.1439 without using the triple multiple for the industry.
Manville:
PR'ed in eary November as starting to drill in mid November of 2006.
Projected oil 1,000,000 barrels equals $55,000,000.00
MXXR's cut after all takeouts is 10 percent or $18,562,500.00.
This adds about $0.0844 cents to the book value.
Sandy Point:
Gas find equals $2,800,000.00, and the oil is pegged at 225,000 barrels valued at $12,375,000.00.
MXXR's take after all payouts equals about $1,517,500.00 and adds another $0.069 to the book value.
Last but not least is Sandy Point:
The number one well which needs to be repaired is reported to contain 3 BCF of gas. Which is valued at about $21,000,000.00.
MXXR's cut on this well after all takeouts is about $6,693,750.00 and adds $0.0304 to the book value.
Wells 2 & 3, which number 2 has been PR'ed and number 3 was reported as seen by Kraigger23, if both are flowing the same amount of gas then we have MXXR's cut at about $4,000,000.00. And adds $0.0182 to the book value.
They are supposed to drill a total of 6 wells, so if we consider that the next 3 will flow at least the same as 2 & 3 we have an additional $6,000,000.00 in revenues for MXXR. And adds $0.0273 to the book value.
All this adds up to a book value of about $0.3110, and a industry multiple of (times 3 ) = $0.9331 a share, all of course based on these prospects paying out. Of course some may not and some may. And the ones that pay out could in fact be larger or smaller then expected.
Do your own DD and decide, anyone have any comments please fell free.
SP~here |
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