share price woes, page-4

Peter,

Good coverage. As far as I am aware PSA has no debt so liabilities ought to be limited to standard current liabilities and impairment provisions. If this years report is anything like last year current assets will be multiples of current liabilities so no concerns there.

I would like to see the impairment provision which was $5.7M last year. The Canadian acreage looks like getting a $2M impairment provision.

Unless there is some unknowns(which I doubt under disclosure rules) your figures stack up.

No oilers seem to sit at valuation levels. The only time they seem to get there is under take over scenario when a market transaction occurs based on asset value. Look what occurred for AUT recently. Their t/o offer caused their sp to go up 55% in one day.

PSA is in the hard basket and is failing to attract interest for now. This could change once there is some concrete action in the form of drilling, acquisition or shale success.(personally not expecting the later)

Right now it is cheap verses asset value but the charts are still in down trend.

As has been pointed out on the thread falling production does not help and with 2014 expected to be 40% less due to natural field decline its unattractive.

1H drilling may be the saviour in terms of adding reserves and boosting production by late 2014. With a drill success record(GOM) running at 79% for the company and 53% all GOM drilling(DOGGR figures) success is more assured than a typical wild cat well.

Acquisition could also be a major influence on the sp but we can only assess that when it and if happens.