projected earnings for 2012-2013, page-32

Lets see if we can get back on track about SSN, but first ... US has had sanctions on Iran since 70s (I think), is not dependent on their oil, patrol the Mediterranean as a "courtesy" to other nations, doubtful as to whether nations such as China would permit Iran (upon whom they do depend on for oil) to take such a foolish step...

Anyway back to SSN. In my opinion, NET revenue calculations are not the most important number for a company like SSN. Growth in boepd is their key.

Taking the exit rate number (it was 381 for Q3/11) as 400 boepd for 2011 and by estimates on this thread we seem to think that we could exit 2012 at 1,100 (I note that mgmt does not give a number - probably because SSN is pretty much as true speccy at present).

Rule of thumb valutions on a boepd basis depending on factors such as rate of growth, acreage development, etc range between $100K and $200K for producing boepd

So for SSN that values the company at between $110M-$220M which equates to (ADS) $2.20 per share (tops)

Compare this to my personal favorite and money maker, Kodiak Oil and Gas with an expected 30,000 boepd 2012 exit rate and valuation of $2B - which is less than $100K

I don't think SSN gets TO from anyone until at a minimum Fort Peck is proven (because acreage is small - may fit with CLR or EOG (another favorite))

SSN's mgmt is far better than average on ASX above average on speccy E&P US companies but behind mainstay players such as KOG, EOG, WLL, BXP, MHR.

Expecting a lot from SSN this year - meaning much more than exiting 2012 with 1,100 boepd