The share price value for PSA continues to baffle me ...
There are quite a few small Aust O&G companies on the market and many of these have interests in North America just like PSA.
But not many can boast that they have a strong cash ($24 mil) and forward inventory balance (9.1 BCF) as at Jun 30, 2013.
Considering the risks involved with these small O&G companies, having a strong cash balance together with producing wells that are now effectively paying their own way it is sometimes difficult to understand the enormous downgrades being applied to the PSA share price.
In looking through the June 30 2013 Accounts, the Net Tangible Asset Value (NTA) per share appeared to be :
US$46.526 mil / 237.7 mil shares = US$0.19.6 cents
US$0.196 cents / .945 = AUD $0.207 cents per share
NTA $0.207 cents compared to current ASX Share Price of $0.094 cents