Please also note that in the above press release they talk about the reworking of existing wells wich have improved/ increased production by as much as 40% after the reworking.
So the actual value of the gas reserves alone is actually $1.98bn divided by 82m which is actually $24.14 a share.
That doesn’t include the financials from the reworking of wells acquired earlier in the year.
Reworking of those wells has increased production by as much as 40% and in the company’s own words has exceeded their expectations!
See this extract from the press release:
——————- Update
The Company has successfully increased production by as much as 40% on certain wells since acquiring the properties earlier this year. The asset has exceeded the Company’s expectations and management sees tremendous opportunity to continue optimizing production. The wells are currently shut-in and in need of a new compressor to resume production. The Company is currently preparing for winter operations when Foothills realizes a premium in the range of $1.50 to $3.00 per Mcf for natural gas sold for a portion of its production. The Company is working on project financing for its next phase of its field-wide optimization and development program. ——————-
See the press release for yourself folks, do the math you will come to the same conclusion that I did!
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