...revised preso.... a good and detailed read.
Slide 6 is very interesting, and you can see when they made the 3000 bopd exit rate for 2012 back one year ago. They were at average Q production of close to 1400. Then unfortunately, SWF goes from 961 bopd to 240 bopd ! Also look at the huge add from NWF......win lose or draw, EE knows how to find oil. Average well production is usually about 100 bopd...we usually assume everyone is a 'boomer' but drill many normal wells along the way.
Budget does a price sensitivity of $80 and $85 oil prices for 2013 yeilding cash flow of about $28M, enough for 20 gross wells. This gives them an average production of 1600 bopd for the year (assumes no new WF problems). I suggest you do your own sensitivities, and run prices from say $70 and up. This will result in lower capex, wells drilled and production numbers. You should be able to determine a range of production and share values you are comfortable with. From my own analysis, I come up with share prices much higher than currently trading over a 1 year horizon - but thats just my own opinion.
Netbacks are still great, lots of land, lost of seismic.