while I understand you are trying to estimate a value at...

while I understand you are trying to estimate a value at production, which is good, however i think you can see that the method you are using doesn't work for a gas play. Even once in production gas stocks MCs are based on factors other than PE ratios and profit in $. Thier proven and probable resources play a major factor. For example if bnl was making $7m per annum from say enterprise alone via 1 well, or is it 7 wells making $7m each?, what would the proven and probable resources need to be:? P90 372, P50 2204, P10 5494 this is an important component because it gives a life expectancy to the production estimate. Without it you can not just pluck a probable PE ratio out of the air. So my point is a proven resource contributes a lot more to a gas stocks MC than production $ times PE ratio.