starshine:
Based on the 04/06/05 PR below, take the BOE and multiply it by the wellhead price ($53 at the time). So ~94,000 * 53 = $4,982,000 for the Q.
Tandem Energy Announces Gas Drilling Program and Revised Projections Based Upon Current Oil and Gas Prices
Wednesday April 6, 9:01 am ET
MIDLAND, Texas--(BUSINESS WIRE)--April 6, 2005--Tandem Energy Holdings Inc. (OTC:TDYH - News), today announced that it will begin a coal bed methane drilling program in Montgomery County, Kansas which will initially encompass 10 wells drilled on more than 3000 acres that the Company presently has under lease option. The planned drilling is located within an actively CBM producing area in the Cherokee Basin with coal seams at depths between 1,000'-1,500'. Projected reserves are 0.3 BCF gas per well with a PV10 of $320,102 per well, with drilling and completion costs expected to run $100,000 per well, or an estimated return discounted to present value of 4.2 to 1. When the drilling program is fully completed, which will take approximately 6 months, the Company anticipates drilling a total of 40 wells on this lease acreage.
Tandem is also pleased to announce that it has revised its projections which were announced last week to reflect current oil and gas prices. Tandem's wellhead price last month averaged $53/bbl, which is 25% above its projected prices of $40 used in its previous projections. Should oil and gas prices remain in the current range, and based upon a fully diluted 22,250,000 common shares outstanding,the Company anticipates annualized earnings per share, before interest, taxes, depreciation and amortization of $1.50 per share for 2005, up from the previously forecasted $1.19 per share, and $2.35 per share in 2006, which has been increased from $1.70 per share previously projected.
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