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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (35853)	11/6/2009 8:11:24 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78744

The verified PV number is only evaluated once a year. From ATPG's 10k I read: At December 31, 2008 our standardized measure of discounted future net cash flows was $1.1 billion. The present value of future net pre-tax cash flows attributable to estimated net proved reserves, discounted at 10% per annum, (“PV-10”) is a computation of the standardized measure of discounted future net cash flows on a pre-tax basis. The table below provides a reconciliation of PV-10 to the standardized measure of discounted future net cash flows at December 31, 2008. This number from the 10k is based on 12/31/08 crude prices and known reserves. Current ATPG enterprise value is about 2B$. The current situation is quite a bit different. My concern is that the NAV value that ATPG is giving out now in their presentation is not a certified number and made up by management. Because I have seen management blundering before I would not be willing to accept their numbers without a sanity check.