RE:$9.09 to be precisetempletooth2 wrote:
Further to stockify's informative post, here are some rough numbers. Spartan's 2P reserves were valued at $12.33 per boe.
Applied to CJ's year end 103,778 M bbls yields $1,279,582,700.
Deduct $219 million bank debt and $50 million convertible debs, call it $270 million.
Balance is $1,009.582,000 divided by 111 million shares = $9.09
Not sure what stockfy posted, as I have him on ignore, but I'll guarantee it was based on poor DD.
Yes, CJ is cheap by almost any metric, but don't forget not all reserves are of equal value. So simplistic comparisons are not valid.