North West Oil Group, Inc. (NWOL)

[GSL]

This is from RB board, does "Anyone have any better estimates?"
Saw this and it worries me, not bashing just asking as I am
heavily invested like most here. Thanks...

NDOL, What Is it?
From the 10K in case anyone didn't know it is a development stage oil company that is listed in the pink sheets.
NDOL reported in their 10QSB that they have fixed assets valued at 8.425 million down from 10.946 million last year.
Total liabiliites are down from 13.044 million to 5.74 million. For the stock, they show 30 million preferred shares and 337,865,401 shares. Earnings were $247,046. As of May 11, 2006, they are merging with North-West Oil Group-Saratov" Ltd. and Company "Neftegazenergo" Ltd. For this, they pay 357,186,230 restricted common shares. So, now there are 695,051,631 shares. So, if the oil group they purchased or merged with is worth 10 times as much (on an operating income basis) then the new company might make 2.5 million a quarter and 10 million a year assuming that the combined group does have 10 times the income...
10000000 / 695,051,631 = 1.44 cents per share or 0.0144 per share. At a PE of 100, this is $1.44. Of course, I just pulled the "10 times" figure out of the air. I don't know how much the combined entity will produce. I would guess less.
Given what is known, I don't think NDOL.PK is underpriced.

Anyone have any better estimates?