I agree with you Antman4.
From a valuation perspective contingent reserves won't be run out on a cashflow as the are contingent on one or more things happening.
They will/should be valued on a BOE in ground as you have done. And that value is quite subjective based on what the contingencies are.
Its also one of the best areas to exploit hidden value in a stock.
There is a fair bit of information out there on valuation of CR's. For anyone interested this presentation is quite succinct.
https://dapldenver.org/wp-content/uploads/2016/11/2016-FLI-Julianna-Sipeki-Presentation.pdf
APUS SPUD imminent and a biilion net profit potential, page-31
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