Hi Mojo,
The reserves value, being prepared by Ryder Scott in accordance with SEC methods, is I think as close to "cash value" as you can estimate for accounting as asset value. I mean if it were to be sold off it would fetch that price (check the number used for pricing vs todays price and redo your NAV etc).
I was using numbers right out of their 10-K for y/e 6/30
If you convert the oppies then you have to add in the cash.
Cheap it is. But will it get cheaper?
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