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Bobwins

01/16/09 11:14 AM

#111057 RE: bunky #111051

numbers seem reasonable. We don't know how FM came up with their numbers. Architect is just working backwards to confirm their netback calculations but it looks like both PMG and PRE are good buys based on exceptional production growth. PMG has better netbacks so that would be my preference but their assumption that the market will value PRE's higher production growth more and give them a higher price to cashflow ratio may be true. Again both look like good buys. Bobwins