Knackered, Interesting, is it not, that there has not been any...

Knackered,

Interesting, is it not, that there has not been any argument refuting your numbers.

My own rough and ready calcs suggest that a full years oil production could be sold in futures contracts as at today, for about $95/bo.(eg http://finance.yahoo.com/q/fc?s=CLV14.NYM )

Therefore say production for the year averages 1500 BO per day (cf last quarter: "Net production: Averaged approximately 2,286 Boe/day for the quarter (net and post royalties), up 6% on the
previous quarter".)

so: 1500 x 360 x$90 (say) = $48.6m for the year.

Yes, a few guesses (eg the E in BOE), but surely this is worth more than $38m current cap?

Comments welcome.