re ROYL:
I dont' see the value in ROYL at current prices
EV value around 65M$ and reserves were valued at 32M$ at 3/31/04. I think there are better deals our there, at least based on asset values.
From ROYL 10k:
Royale Energy's estimated total reserves decreased from approximately 14.0 Bcfe (billion cubic feet equivalent) at December 31, 2002 to approximately 13.4 Bcfe at December 31, 2003. According to the reserve report furnished to Royale Energy by WZI, Inc., Royale Energy's independent petroleum engineers, the net present value of its proved developed and undeveloped reserves was more than $32.2 million at December 31, 2003, based on natural gas prices ranging from $3.24 per Mcf to $5.91 per Mcf. Of course, net present value does not represent the fair market value of our reserves on that date, and we cannot be sure what return we will eventually receive on our reserves. The engineer determined our standard measure of discounted future net cash flows at December 31, 2003, to be $24,114,126. |
