not such a great night, page-61

Btw, been travelling today, which is fortunate so I couldnt watch the market :-) But I did have time to re-read the various broker reports by hartley's, enercom and casimir. Most interesting point I re-discovered was the valuation by Enercom in its July 29th report:

NAV estimate (PV-10) of SSN's oil & gas assets ranged from US$1.60 to US$18.83 per share fully diluted. Including cash the range is US$2.21 to US$19.44. The market today values the company below the minimum of the cash-included range - i.e. basically worst case scenario stuff.

In fact, they go on to do a liquidation valuation, and come up with US$2.35. That liquidation value would probably be lower today because there would be increased uncertainty on the Hawk Springs component of th valuation due to the uncertainty over Defender and SOA results, but again, the market today values the company at or below liquidation value.

Take that as you will but only one word comes to mind given that context - OVERSOLD.

Cheers, Sharks.