bhp takeover of petrohawk

Additional info...off Petrohawk web site

"Year-end 2010 proved reserves were 3.4 trillion cubic feet equivalent (6:1.) As of March 2011, we produce over 825 million cubic feet of gas equivalent per day (6:1; Mmcfe/d), of which ten percent is liquids. We expect to produce an average of approximately 950 Mmcfe/d in 2011 and exit the year with liquids representing over 15 percent of production, and growing."

So 15% of recoverable is liquids but they only have 3.4 tcf recoverable reserves......so BHP are paying some very coin. Obviously the liquids make a fair whack of difference to their metrics.

Our little ADE at $55m mkt cap loook VERY cheap to me though (IMO).