here's some very interesting info, page-70

There is many types of valuations to to find out which is more likely accurate you need to take the context of the company into account.

MAE's BOOK value of its properties is about $160 Mill
- its debt assets etc you could derive a book valuation of around $100 Mill or 20 cents per share.

Independant auditors and any potential buyer will determine their own value on the property based on gas prices, production,reserves and cost of capital etc. The inputs into the calcs will vary from valuation to valuation.

Then there is the MARKET, the whole idea of the market is that it inherantly FINDS the right price based on supply and demand. People want to buy how many shares are on offer at what price. Right now the market says MAE is worth around $68 Mill

Prob is the fundamental way the market works have been screwed by speculation and manipulation. Short sales and computerised trading stratagies make it difficult to get a true idea of market value for SOME stocks.

For MAE however given its low market cap and low volume of share it is less likely to be largely effected by these outside influences.

IMO the most accurate valuation of MAE at the moment is the $68 Mill based on market cap and liabilities.

I can't trust valuations from companies such as patos etc who are either paid to do the analysis or organise raisings for the co. An the truely independant valuations are often not available to most people.

The book value is very high IMO and it isn't fluid enough to accurately reflect the real world.

Fortis would have done their own valuation and hence why they have lent money to MAE. Becasue undoubtedly their valuation shows their money owed is secure. If they could not recoup all their debt they would fold the co and get back what ever they could on each dollar. They would not wait to loose more on the loan.