Doubloon, I am guessing you are using based on $40 oil, the $1.19 ebitda estimate which includes acquisition. Excluding acquisition, I believe they say ebitda of $11 million for year based on 22M = 50 cents/share. How does one get net income off $1.19 ebitda which is probably going to be conservative as far as we know? Just a totatally uneducated guess of 60 cents/share. Established p/e is perhaps 15-18 and depends on reserves. If for this company I picked a pe of 20 on the 60 cents, then $12. Lots and lots of guesses on my part. sam sam