the perenial bagger and a challenge, page-15

Sushi raised a valid point.

You should not value gas reserves based on the operating margin. It does not take into account capital and exploration write offs. Industry rules of thumb are best, which are typically based on past armslength commercial transactions.

O&G weekly have had a bias towards PSA ever since its inception. Everyone knows that, including the author. Why else does the front page of the newsletter always harp on about the US weather pattern and US gas stocks?

So whats the problem if someone else has a bias against it?

Move on. It just balances things out! LOL.

acturtle