Ann: Canadian Operations Update, page-18

Both the Gryphon and Certus well have options for more wells.
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Lets calculate what would happen if Stonehorse Energy drilled a new well every month overlapping drilling and installation of rig . First a Certus well then a Gryphon type well then a 2nd Certus well etc.
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and put the results in the table below (value in 1000's).




The cash at month 8 is 6.2 million and at month19 is 40 million, that means she would have netted 33 million profits over the 12 months between month 8 and 19.

So at month 19 it could be sitting on 40 million, and have earn t 33 million.
Calculate it market cap using a p/e ratio of 4 for this

Market cap = 40Million + (4 * 33million) = 175 million. that is clearly a multi bagger.

This is dependent on Stonehorse opening mulltiple wells in quick succession ..
They have the options to do this already
They have the Cash to do this.
Do they have the will ? (they have said the will).
Can the drill teams operate that fast !.
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Comments:
1) Less tax would be paid, as the profits would be reinvested in new wells within a year.
2) Stonehorse has indicated they have options to invest in further wells for both Gryphon and Certus.
3) David deloub has said they will be investing in multiple wells.
4) Bill and Mike have said their are lots,multiple options for wells,
5) look at the number of drill pads available in Alberta.
6) Stone horse never has to borrow money to achieve this as the 2nd column never dips below zero.
7) segment avearge P/E ratio is actually 8.26 not 4, so if SHE followed average market sector p/e ratio this would almost double the theoretical market cap.
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Caveat:
These are theoretical calculations only, and i am a amateur pointing out what could be:






Notice that after 7 months