entry price???, page-6

I have added a few extra at 34.5 this morning. Expect things to be a but more controlled from here but I believe the majority of the short term traders have been cleaned up and taken their profits/losses and that the gap below 31 is unlikely to be filled so the risk reward equation is now far better looking that a day ago (or on open this morning for that matter). Subject to your stop loss strategy anyone who has bought PSA in the 30's appears to have got themselves a decent deal as far as potential reward/risk.

Cheers,

Ed.

If you wish to look on PSA fundamentally then any price it has traded at in recent times is decent value as the profits from the next 12 months should (subject to exploration expense) be greater than market cap. From there the potential depends on the quality of other leases. I'm not sure of the life of Ship Shoal but that in itself is an ongoing revenue stream (no cost) of 3-4cps at current gas prices.There may also be significant upside left in the Henry Hub gas price. If as some predict the price approaches $8-10 over the next 12 months then the figures for PSA will be unbelievable.