Mutual Fund sellingIt's a connundrum when money management and position weighting discipline dictate sales. We should all have that challenge, like that mutual fund. What impressed today is that the buyers absorbed over 1.39 Million in volume with little price decline. Perhaps folks surmise there may be similar results to the 1200 BOPD on La Vela 7X on the other La Vela wells and maintenance of current world prices, which would generate about 82 Million in free cash flow on an annualized basis beginning in mid 2005. That works out to about $1.15 US per share in cash flow for the @ 71MM shares outstanding. Given that the average price to free cash flow ratio for E&P companies per MSN Money is @ 6.3, just an average valuation of $7.25 US.($9.13 CD) might be indicated. PFC's own projection at the 9th O&G conference using $32 WTI prices prior to the La Vela discovery was 35MM in free cash flow or $0.50 US per share. Does anybody have the list of today's block trades?