how much will we be earning in 2005?

My calculations are:(in $Amil)

Gas sales:
WestCameron(four wells)-2bcf@[email protected] 13.61
Vermilion(four wells)-8bcf@[email protected] 54.42
MainPass(three wells)-1.5bcf@[email protected] 10.20
ShipShoal-0.3bcf@[email protected] 2.04
Other revenue-interest recd,etc 0.73
TOTAL REVENUE 81.00
Lease operating costs 4.00
Recompletions-WestCameron 2.00
Amortisation-Vermilion 24.00
Amortisation-Main Pass 3.00
Geology,geophysics & administration 8.00
TOTAL EXPENSES 41.00
NET PROFIT,before tax 40.00
(with little or no tax to pay due to accumulated losses)

Current maket cap on 123mil(fully diluted)shares $135mil
Current PE ratio: 3.4 on 2005 projected earnings.

Assumes upcoming two development wells next month at Vermilion are successful.
Assumes three wells at Main Pass in Dec04 are successful and they are in production by July05.
No allowance for possible production from upcoming three onshore wells in Louisiana.