RE:RE:RE:RE:RE:2P ValueA bit of corrections and here is my calculations:
2P PV10 of US$176 million
Net cash of US$25.2 (US$53 million of cash and CA$35 million of debt using today's FX rate of 1.26)
==> total of US$201.2 = CA$254.3
==> 2P value on a per share basis = CA$0.291 / share
More importantly, the reserve report issued by GLJ is based on PRMS definition which uses a crude price forecast that is reflective of today's low oil price environment (i.e. the collapse of oil price has been taken into consideration when PTA and GLJ prepared this reserve report).
This is VERY different from those US-listed companies (and Gran Tierra, for that matter) which follow SEC reserve report standard, which mandatorily uses the first-day average price over the last 12 months (around $94/bbl if my memory is correct) before Dec 31 2014 as basis for future price assumptions.
As we all know, commodity price assumption has huge impacts on economic life limit, and accordingly reserve booking, of any E&P assets. Therefore, the reserve value that PTA reported can be seen as more CONSERVATIVE and UNDERESTIMATED compared to the US-listed peers.
Hope this helps