results of meeting-pen energy, page-12

Howdy Reichman

I have taken some estimates and my guesses and my opinion.

Hope math is correct
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Time frame:
2012/3 This allows 1 year to target production

50cents basis:
Mine permit in place
Production started
60% product in long term pre-signed contract
40% product in discussion
Production 2.0Mlb/yr
Long term average contract price $80

Share Price Value:
2Billion Shares
Income (no deduction) $160M
Earnings per share $0.08 per year

P/E ratio 6 times
SP value $0.48

If P/E ratio of 11 then
$0.88
Deductions 40%
SP value $0.53

Keen for some rebuttals