$45 million of cash Where is he getting 47 cents per share of cash? How many shares are outstanding? My sources say 151 million. In that case the current market cap is about double the cash + W/C position, and I find the company fully valued.
PRO FORMA COMPANY SNAPSHOT Cash and investments Approximately $45-million Bank debt Nil Shares outstanding (non-diluted) 156.3 million Current production(1) Approximately 1,400 boe/d (30 per cent oil and NGLs) Elmworth Montney land 52,800 net acres (82.5 net sections)