Rick , I think you should recast your numbers as follows :...

Rick , I think you should recast your numbers as follows : (P10)

Shallow Gas (Etchegoin/Tulare Zones) 60~120bcf
Deep Gas (ReefRidge/Monterey) 300~500bcf
Deep Oil (Reef/Mont/Stevens) 100~200mmbo

Also better use 30% share for NEO (net of Royalties).

A possible extra 100mmbo make lurk deep in the Stevens , and the gas will probably be wet so add condensate , and dont forget San Emidio .. but lets leave those out for now.

I think with the above reserves , your 'potential valuation' will not be that different from mine (best case of course)...... hard to see any downside from here imo LOL

Cheers
SALTY