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Strategies & Market Trends : Value Investing

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To: Dan Meleney who wrote (38845)	8/17/2010 11:39:06 AM
From: Paul Senior	1 Recommendation Read Replies (3) of 78648

Dan Meleney. Have you looked at NNN.to that's been mentioned here? Does that one meet your requirements? finance.yahoo.com 2pv10 = US$7.73 or US$476M. ("NiMin reserves are from Huddleston & Co., Inc. NI 51-101 reserve report effective January 1, 2010") These dinky e&p companies always seem to be updating their balance sheet for shares or debt. As of July, I believe there are 83M fully-diluted shares, current cash of C$19M and debt of C36M. NNN.To stock price is C$1.02, so enterprise value might conservatively be viewed as $1.02x83M, -19M + 36M = $102M So as I view it, the gas/oil asset (apparently 96% oil) to enterprise value is 476/102 or over 4:1. That's a pretty tough ratio to beat given the several other e&p stocks I am looking at and buying.

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