crucial fact, page-49

Sharks,
You stated that the reserves multiple is low because the production multiple is high, which doesn't answer the question.
I raise the point because it is a direct response to allegations that anyone who does not believe in the utter MADness is a 'complete fool', given that the market generally clearly does not believe the reserves and hence the multiple is so low.
I believe that a major downward reserves revision is due, not least because of the fact (not hocus pocus accounting nonesense) that the company has sold reserves via the Gulf South farmout, and the fact (not hocus pocus 'forecasting') that they have drilled a large number of dry holes out of the Proved reserve inventory. I won't even get started on the economics of each well because I'm sure someone will helpfully point out that production is rising so all is well in the MADhouse without any reference to economic return on capital.
I strongly doubt that the discovery that swabbed some oil supposedly worthy of 100 bopd will make up for the downward revisions due. BTW - where is that flowrate?
Short.