quarterly report any thoughts, page-9

If the sector PE (sharePrice to Earnings per share) average for oil industry earners is over 16, and from what the SAE management is telling us about the North San Ardo field I come up with a set of Forward estimate figures that may represent future gross earnings from this field, I can deduce that SAE is very cheap at current levels .
Even if my figures are proven to be over estimations of future earnings because of any one of variable reasons (like a falling oil price) the shareprice compared to what we are being told by management is grossly undervalued .
Reserves recoverable is vital figure also and SAE are determining that .