Looks to me as if that was purely a back of the envelope number for predicting ballpark revenue - not profit - for the first month, then annualised. I doubt it factors in costs, depletion, forward curve for gas prices etc. The Patersons research note on the AZZ website which has modelled Eagle Ford field development based on the NuTech results has forecast 2010 NPAT at 41.6M and has AZZ on a PE of under 4 times at the current shareprice.
