Diaz Resources Ltd (fka DZRFF)

[nutsaboutgolf2001]

I redid my numbers today - given a 1st quarter 06 rate of 2000 BOE/day (company's forecast) and keeping in mind that their Canadian natural gas sales fetched $7.74 per mmmcfd in the third quarter and that they have already locked in a price of $10.71 for 5 months through March for about 20 % of their production. Basically I extrapolated 3rd quarter cash flow per share to first quarter 06 based on the higher production and then added about a dollar (an after tax after royalty amount) per BOE for the 2000 BOE to give me the 1st quarter cash flow per share estimate. It's very crude and my numbers are bound to be wrong but often one error offsets another. Anyway I came up with 13 cents per share. At $1.00, Diaz is selling for less than 2 times it's annualized cash flow. As I might add are RGY.V and XPD.V. Too hard to do same calculation for CZE.V