I think your logic is absolutely right, GXS.s is the coal stock to own followed by WGF.v. All data generated by drilling on neighboring claims just expands the Indicated coal resource of GXS by leaps and bounds. I did some ciphering using GXS at $15.29 with 20,508,442 shares FD after the PP for a makt cap of $313,574,078. I did a linear regression of recent US coal prices vs Btu/st and determined that GXS's 9,200 Btu/st coal is worth $15.82 in the market. I then calculated the tonnage using a rectangle plus a semicircle at each end to see what Mr Market is valuing that coal in the ground:
Radius (m) Volume (m^3) Tonnes $market $/t per Mr Market
Measured 600 70,036,798 92,841,204 $1,619,017,359 $3.38/t
Inferred 1200 191,193,591 253,447,383 $4,419,758,654 $1.24/t
Indicated 3600 1,187,020,722 1,573,521,863 $27,439,963,190 $0.20/t
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