Its a crystal bal, page-4

Gassed if Mizuho or any other investment bank or capital provider relied on this report (or reports like it) then they deserve to lose "their" money. I believe they are smarter than that - a lot smarter. Plus the (debt) investment community generally have pros to do Reserves reporting and not rely on company provided reports. So with that in mind, its the Gustavson Reserves report that concerns me the most. Be a lot happier if it was Netherland Sewell or Ryder Scott or a large independent.

It's possible that such a report (putting out 19cps as valuation) is a precursor to a share consolidation (RC's done that before). Do a quick 1:10 to lop a zero off the shares issued. Maybe show some real balls and lop 2 zeros off with 1:100. Re rig a few numbers and projections and take a $1.20 SP to $12 instead.

All in the psychology ...

Which is why I bother to do my own analysis on FFO and peer comparison.