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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Richard Saunders who wrote (8123)4/12/2001 5:00:31 PM
From: SofaSpud  Read Replies (1) of 24925
 
Definitely not what people were expecting, I'd say. They've been shopping PSN hard for about a year, no takers among the big players who'd do all cash. So they had to finesse something. My first reaction is B.S., but I'll take the weekend to think more on it. Almost certainly there will be no better offers, so it doesn't matter what anyone thinks about it anyway.

Present production is on the order of 5,000, and there's another 1,500 behind pipe. So call it 6,000 boe/d. IIRC there's about 18 million sh. o/s. At $35k per boed, you should be north of $11.
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