P;Here are my ideas about your PSA and its possible true...

P;

Here are my ideas about your PSA and its possible true status:
If you wanted to sell the company try a market place, "in the ground value", of its reserves of probably less than US$1.50/mcfe (more likely US$1.00/mcfe). That has nothing to do with their hedges or the Henry Hub Spot price.

Before you melt down your handy dandy pocket calculator, based on their past 15 year history of constant reserves write downs (Miningnut has chronicled this for years),why not consider a 40% cut to possibly furnish a "producable reserves" number, not a "reserves in place" number which can be very different. I suggest you consider ignoring the numerous references to "independently audited reserves".

Unless there is an extraordinary change in the G&G success ratio from, essentially, 0 in 12 tries (If you count electing to not participate in 2 very successful wells - dry holes by another name?) to at least an 80% success rate there is no where for them to go.

Whatever structural management problems exist (We are not going to get tangential about what a fabulous job the senior management has been doing these last two or so years, are we?) must be addressed and probably should have been 12 months or so ago. I suggest you might consider a 10 year share price chart for what might be possibly considered pertinent information, but then again perhaps it isn't.

As for why the rate of debt payoff is plummeting, Minningnut could possibly have your answer in that by dragging out payables you temporarily pump up the cash register. By whatever means total revenue, as huge as it is seemingly reported, doesn't appear to get to the debt payoff line.

It appears, to this outsider, that PSA MAY have become decision locked on new drilling/acquisitions due to a huge, over riding fear of more failure. This is, on occasion, regarded by some as the death knell of a corporation. If you really want to do some exciting math P, try the fate of PSA's beleagured Chairman. His share price wealth has been in excess of AU$7.00, down to $0.12, back up to $3.45 and now $0.14. Wrap that around an estimated +/-28,000,000 shares.