RE:BIR Current Fair Share ValueI thought the preferred cost $88 million for 3.52 million shares at $25. They save about $3.5 a year because they don't have to pay preferred dividends. That make a slight change in your calculations of around 90-150 million. Consider the cash flow to be around 1000 million per year sustainable at $3.50 gas and $70 oil for maybe 25 yrs. By this time next year they could pay $1.00 dividend and have $400 million cash after capital expenditures and increase production by %15. Unfortunately they issued 1,600,000 options @ $9.30 yesterday and after they priced their own options the company bought back 300,000 shares. Still worth $20 unless BIR gets bought before it gets there.