inp - valuation given flax+yarrow reserves

OK, so now we have some hard numbers to chew over.

Flax has 35 bcf liquids-rich gas and 5.2 mmbl of recoverable oil reserves.

Yarrow has 53 bcf of gas.

INP has 35% of each ... lets assume that liquids rich Flax gas is worth $3/thousand cf, and Yarrow gas is worth $1.50. Oil is worth the conventional $15/bbl in the ground.

Thus, Flax gas is worth $70m total, for $24m for INP.
Flax oil is worth $78m, for $26m for INP.
Yarrow has is worth $75m total, for $25m for INP,

Thus, INP has $75m of hydrocarbons.
Take out 12.5% for the Directors Cut, or $10m.
Therefore we have $65m.

Take out $10m for the extra Yarrow wells (the flow rate sucks, remember), pipelines and other miscellaneous infrastructure.

Therefore, we have $55m.

We have 25m options that will get excercised at 20 cents, so thats another $5m in the kitty for $60m.

We have 70m total shares fully diluted, so thats call it 90 cents backing for a share trading at $1.10, with exploration acreage to be added in.

Can anyone spot where my numbers are wrong ?

Ian Whitchurch