L2,I didn't want to say anthing just yet, however your post is...

L2,
I didn't want to say anthing just yet, however your post is forcing my hand again. What we must realise here is the value of 3P reserves. L2 your figures on 250 x 1P, 250 x 2P and 750-1000 x 3P would not be far off the mark. In real terms I would up the 1P a little, take a bit off the 2P and go full bore on the 3P. However, for the sake of the exercise, based on $3.80, $2, $0.80 for 3, 2 and 1P, the valuation ranges between $5.84 and $6.46 per share. Note also the pricing for 3p is a little light....but we can live with it.
I really don't think anyone (apart from you)realises the heat in the market right now with the scramble for assets. Anadarko, Bill Barret, Devon energy etc, would all want this playgound with the upside potential. Throw $200m at it with 20 of your own drill rigs and own personel, and you could have this baby ticking overnight. Unfortunately, with limited resources, contracted crews whom work in their own time ripping you off, supplying inefficient rigs and ....I won't say any more except to say I'm glad we are at the current point. Any way, the industry will know the potential, and they will pay for it as a result of Goldman Sachs doing what they do best. Whilst we have had our problems along the way, we must NOT SELL OURSELVES SHORT. This is really the last major asset sale in the USA coming up for sale. It's the jewel in the crown. I know I have quoted sale prices in the past, however this time I am upping my forecast to US$4-5+. L2, between us it's a $30-40m play and I am not wanting to rush at the 11th hour. I am indebted to you for your courage and industry expertise but I reckon I know the numbers on this baby better.