JRyan, this is very good work and I'm not surprise you are an engineer. It will take me some time to dig through all the data you have provided, but your methodology seems very sound.
As mentioned before, its a 2 step process in coming up with a future ZN share price:
1. ZN market cap based on reservoir size relative to its peers, and
2. Assuming the number of issued shares to raise the capital necessary to the pump the reservoir.
The second step seems more difficult both for ZN and for my very small operations. I can tell a prospective investor how much say a 10 well drill program will be worth if we hit X amount of oil. But it is always difficult to predict $Y of capital to drill and complete the wells because of factors like the drill rig charges by the day and # of days can be estimated but not locked in. Investors in my case are limited partners, but there are many similarities with ZN share holders.
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