broker report on line, page-10

But Squid, they haven't changed the production for 2011 to reflect their own forecast for Williston Basin!



If they really wanted to used their own stabilized estimate of 750boepd (as shown below), they should have shown their 2011 forecast as at least 750x365=274k and not the 225k as used in their valuation.



I think this is an oversight. Had they used their correct figures, then the price target would have been materially higher than the current 48c.