RE:RE:RE:RE:Ellis Martin Report July 13 2021Great points, i modeled out some share price projections awhile back based on different MCF prices, well counts, and revenue multiples. I'm expecting us to average out in the 1100-1600 MCF range but certainly there are a lot of variables and unknowns ahead.
| Well Count | MCF BASIS | Annual Revenue Per Well | Total Revenue | Revenue 3x | Revenue 7x | Outstanding shares | Share Price w/3x Multiple | Share Price w/7x Multiple |
| 70 | 275 | 8,942,000 | 625,940,000 | 1,877,820,000 | 4,381,580,000 | 79,463,675 | $23.63 | $55.14 |
| 60 | 275 | 8,942,000 | 536,520,000 | 1,609,560,000 | 3,755,640,000 | 79,463,675 | $20.26 | $47.26 |
| 50 | 275 | 8,942,000 | 447,100,000 | 1,341,300,000 | 3,129,700,000 | 79,463,675 | $16.88 | $39.39 |
| 40 | 275 | 8,942,000 | 357,680,000 | 1,073,040,000 | 2,503,760,000 | 79,463,675 | $13.50 | $31.51 |
| 70 | 550 | 17,884,000 | 1,251,880,000 | 3,755,640,000 | 8,763,160,000 | 79,463,675 | $47.26 | $110.28 |
| 60 | 550 | 17,884,000 | 1,073,040,000 | 3,219,120,000 | 7,511,280,000 | 79,463,675 | $40.51 | $94.52 |
| 50 | 550 | 17,884,000 | 894,200,000 | 2,682,600,000 | 6,259,400,000 | 79,463,675 | $33.76 | $78.77 |
| 40 | 550 | 17,884,000 | 715,360,000 | 2,146,080,000 | 5,007,520,000 | 79,463,675 | $27.01 | $63.02 |
| 70 | 1100 | 35,768,000 | 2,503,760,000 | 7,511,280,000 | 17,526,320,000 | 79,463,675 | $94.52 | $220.56 |
| 60 | 1100 | 35,768,000 | 2,146,080,000 | 6,438,240,000 | 15,022,560,000 | 79,463,675 | $81.02 | $189.05 |
| 50 | 1100 | 35,768,000 | 1,788,400,000 | 5,365,200,000 | 12,518,800,000 | 79,463,675 | $67.52 | $157.54 |
| 40 | 1100 | 35,768,000 | 1,430,720,000 | 4,292,160,000 | 10,015,040,000 | 79,463,675 | $54.01 | $126.03 |
| 70 | 1600 | 52,025,600 | 3,641,792,000 | 10,925,376,000 | 25,492,544,000 | 79,463,675 | $137.49 | $320.81 |
| 60 | 1600 | 52,025,600 | 3,121,536,000 | 9,364,608,000 | 21,850,752,000 | 79,463,675 | $117.85 | $274.98 |
| 50 | 1600 | 52,025,600 | 2,601,280,000 | 7,803,840,000 | 18,208,960,000 | 79,463,675 | $98.21 | $229.15 |
| 40 | 1600 | 52,025,600 | 2,081,024,000 | 6,243,072,000 | 14,567,168,000 | 79,463,675 | $78.57 | $183.32 |
| 70 | 2100 | 68,283,600 | 4,779,852,000 | 14,339,556,000 | 33,458,964,000 | 79,463,675 | $180.45 | $421.06 |
| 60 | 2100 | 68,283,600 | 4,097,016,000 | 12,291,048,000 | 28,679,112,000 | 79,463,675 | $154.68 | $360.91 |
| 50 | 2100 | 68,283,600 | 3,414,180,000 | 10,242,540,000 | 23,899,260,000 | 79,463,675 | $128.90 | $300.76 |
| 40 | 2100 | 68,283,600 | 2,731,344,000 | 8,194,032,000 | 19,119,408,000 | 79,463,675 | $103.12 | $240.61 |
| 70 | 2600 | 84,541,600 | 5,917,912,000 | 17,753,736,000 | 41,425,384,000 | 79,463,675 | $223.42 | $521.31 |
| 60 | 2600 | 84,541,600 | 5,072,496,000 | 15,217,488,000 | 35,507,472,000 | 79,463,675 | $191.50 | $446.84 |
| 50 | 2600 | 84,541,600 | 4,227,080,000 | 12,681,240,000 | 29,589,560,000 | 79,463,675 | $159.59 | $372.37 |
| 40 | 2600 | 84,541,600 | 3,381,664,000 | 10,144,992,000 | 23,671,648,000 | 79,463,675 | $127.67 | $297.89 |
| 70 | 3100 | 100,799,600 | 7,055,972,000 | 21,167,916,000 | 49,391,804,000 | 79,463,675 | $266.38 | $621.56 |
| 60 | 3100 | 100,799,600 | 6,047,976,000 | 18,143,928,000 | 42,335,832,000 | 79,463,675 | $228.33 | $532.77 |
| 50 | 3100 | 100,799,600 | 5,039,980,000 | 15,119,940,000 | 35,279,860,000 | 79,463,675 | $190.27 | $443.97 |
| 40 | 3100 | 100,799,600 | 4,031,984,000 | 12,095,952,000 | 28,223,888,000 | 79,463,675 | $152.22 | $355.18 |