Re XPD.V I like your analysis. I tend to look forward. They reported 4.5 cents cash flow per share for most recent quarter on an average production of 310 boe/day. On a straight line extrapolation basis, they are currently at 450 boe/day or 6.5 cents cash flow per share. They expect to exit this quarter at 550 boe/day or almost 8 cents cash flow on a quarterly run basis. Moreover, operating costs per barrel should come down with increased production and prices should be higher. I'll use a cash flow of 9 cents as an 05 exit run rate. At a price to cash flow multiple of 4 (very conservative given demonstrated growth and management), XPD is worth 4 (quarters) x 4 (cash flow multiple) x .09 (quarterly cash flow per share exit rate) or $1.44 conservatively. At a current price of 57 cents it is trading at a 60 % discount to my numbers. Realistically, I think we could see a share price of $1.50 by March of 06 (say 4 months from today) and that would represent a gain of 153 % and an annualized return of some 460 %. I guess I'll be buying more (was doing the analysis as I typed). Now of course there are risks, primarily commodity price risks but frankly I think there is a greater chance that we will see higher natural gas prices between here and March than that we will see lower prices. And if we see higher prices, well...wow
