I see the book value at $20 per share of the oil reserves are proven. The company acquired 60%. On consolidated financial statements, the value of those reserves could come in at $600,000,000 (60% of 1 billion), plus plant and equipment.
The fully diluted shares after acquisition are:
3,000,000 float (currently)
6,000,000 restricted (currently)
2,000,000 warrants that expire 12/31/98
6,000,000 common shares ( to be issued )
6,000,000 convertibel shares ( to be issued )
Total 23,000,000 shares
Value of company (minumum) $600,000,000 = $26
This seems too good to be true but I don't know any other way to calculate it....... if someone can offer another calculation, please feel free. |
