Chelsea Oil and Gas Ltd. (fka COGLF)

[eom7]

ATP-582 is located in Queensland Australia with part of this giant oil & gas concession located in the Georgina Basin and part in the prolific Cooper/Eromanga Basin. The permit area covers approximately 6,716,000 gross acres.
-http://aussieoil.com/site/Kentucky.htm

While Baraka holds net Southern Georgina Basin acreage of about 2 million acres – for a current EV/acre of about US$12.885/acre, Statoil is taking stakes in about 8.45 million net acres (including the two exploration permit applications), equating to its investing about A$23.54 per acre.
This values Baraka's acreage at about A$47 million, or about $0.024 per share.
-from: http://www.barakaenergy.com.au/pdfs/2012-09-04-080305Baraka_Energy_Resources_Proactive_Investors_Update_article_5Sept12.pdf

Using this math, I get a vale for AUCAF Shares of...
$24 per acre x 6.7M acres = $160,800,000!

or 160.8M/49M= $3.28 per share.... that's why I am here!