ELK will be producing 400 barrels a day within a year. That's 146000 barrels a year. Revenue will be $8.5m a year at $58 a barrel. If cost is about $35 a barrel, profit will be $3.36m before tax. At just 5x PE, ELK will be worth 16.8m, which equates to 44c a share!
valuation, page-2
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