RE:RE:My Take #2
Itrabs, not sure I fully understood your question but let me take a shot at a response. I did my earlier calculations based on present guidance of 44,000 boed, knowing full well they have close to 5,000 boed up for sale. So I will take a shot at a valuation making an assumption for sale metrics.
Lets assume they can sell the 5,000 boe/d for $110k/'boed - not unresonable since they have sold high gas weighted properties for close to $115k/boed. That will bring in another $550 million. Debt is then reduced to $1,400k ($1,950 - $550k).
Current guidance is 44,000 boed, so once they sell the 5,000 boed I assume they will end up with a revised guidance of 39,000 boed.
As before, lets assume a minimum valuation of the entire company at $100k/boed on an enterprise value basis that results in a share price $12.50, as per calculations below.
Market cap = $12.5/share*200 million shares = $2,500k
EV = $3,900k ($2,500k + $1,400k)
EV/Boed = $3,900k/39,000 boed = $100k/boed.
I will be watching closely at the metrics when the asset sales are finalized. That said, I believe they are adding sufficent land to the packages to will help drive srong metrics.
John