RE: $$ per flowing barrel of oil equivalent By doing the numbers myself I'm guessing you did not include the debt that Pengrowth has to assume on a merger. Many investors seem to leave out that critical component,. Although you didn't include the components of your calculation, I'll post mine:
Enterprise Value for NAL, which includes debt was show as a big round number, and is $1.9B
Debt of $532M if all NAL debntures are tendered. Please see my calcualtion at the link below and feel free to submit anything I missed
https://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=ARN&t=LIST&m=30855047&l=0&pd=0&r=0
So we have:
$1.9B / (10,578 OIL + 2,701 NGL's average daily production of liquids for the full 2011 production year) = $142,986/flowing BOE per day valuation (for the total liquids production) by including the debt.
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