gdn valuation #2, page-11

oppies dilution not a problem for mine ... they would have more shares on issue, but they'd have $46million cash. even if its raising money at a discount its cash that would otherwise have to raised via placement with all the associated fees and disruption that would occur.

Compared with peers with three commercially productive wells pumping out 10mmcd, its not hard to see GDN at .20+. fully diluted. With 825m shares on issue after ops convert that would be a market cap of $165m, but with $46million cash on hand. That cash could punch 10+ more wells, each potentially returning recurring revenue in the multi-millions.

Guess it will all become clearer next week, but i expect that one liners about how this company is a dud will not be able to cut the mustard for much longer.