CALIMA ENERGY - Positive Outlook, page-165

If $80 million dollars is the indicated base range of funds expected upon a "change of control or sale" of the Brooks or Thorsby oil & gas assets, then it is fair to say that we are significantly undervalued at the current market cap of $50 million dollars.

Interesting that they use the word "or" in that sentence, not "and" (Brooks OR Thorsby Assets). I wonder what the individual value of each might be.

Either way, current market cap is sitting at a 62% discount compared to the indicated base case sale price of the Brooks OR Thorsby Asset.

Also, this clause would not be placed into the "Terms of Performance Rights" if there wasn't a likely expectation that the sale of these assets will occur in the near future.