RE:RE:RE:RE:RE:RE:2P Valuejz2538782, you are correct and your remark about GLJ and SEC is very important. Those who know the energy industry will understand it.
But with all due respect, you forgot to add the value for the undeveloped acreage! This is how we calculate the NAV per share for any energy company.
The model for calculating the NAV for any energy company is below:
2P PV10 + Working Capital - Long Term Debt + Undeveloped Acreage
PTA has 500,000 net acreage out of which 450,000 net acres are UNDEVELOPED.
Assuming a super low $300/acre, we get:
$300/acre x 450,000 net acres = $135,000,000 >>>> C$170,000,000
So the total is:
C$170 million + C$254 million = C$424 million
C$424 million / 872.5 shares = C$0.49/share !
and $300/acre is super low in Colombia. The current market value for undeveloped land is much higher than $300/acre. fyi, in the latest transaction for undeveloped acreage about 1.5 year ago, Shell paid $3,000/acre for Canacol's acreage in MM. See below:
https://www.canacolenergy.com/i/pdf/ppt/Canacol%20Energy_March%202015.pdf