"a billion barrels, which I value at $5B"
At today's prices? Error in that print? Perhaps you meant $50B?
At any rate, the reserves then, are not proven? Yet the marketcap is $251M? On NO revenues?
Am I missing something?
My math tells me, if debt is $38M with $35M cash in bank, ERHE is only $3M in debt, for the cost of these leases. That initself is not bad, assuming these leases cost atleast $3M.
Has there been an independant geological evaluation of their leases?
Are there other (hard) assets to quantify the $251M marketcap ($254M minus $3M debt), or is this the 'forward looking potentials' factor that makes ERHE a $251M company?
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