Hi Mojo,
Would "cash" backing be roughly 5cps:
$62.5M Cash + Equivalents
$17.25M value of Proved Reserves Estimates
1.6B Shares outstanding
Numbers per June 30, 2011
Rest of company (guess that be Hawk Springs & Roosevelt) is valued as the delta between current SP and 5cps. I'd bet it will be worth more than 4cps.
It is defintely getting cheap
