Will likely generate $0.32 operating profit in Q2Ithaca's operating cost has been reduced to $28 per boe post acquisition so their netback will be ~$76. Using this for 14000 boes for the 90 days generates ~$96 million plus about $4.5 million for the ten days at ~6500 boes is a total of ~$100.5 million/317 million shares = $0.31. This is ~$1.24 on an annualized basis. with a measly multiple of 2, the share price would be ~$2.50. As it stands the stock is trading at a pathetic multiple of 1.48!!!!! At $1.24 per share that give a twelve month operating profit of $440 million!!!! You can buy a lot of bananas with that money or completely pay off the Valiant purchase (cash and debt assumption) over the next four quarters beginning with Q2 (as all of their cash flow is protected with tax credits) and still have nearly $100 million for capex before using debt to fund it.