Copy /paste this from another discussions

Without knowing the foregoing, this extract from the February 12 reserve NR should give you sufficient background information. Keep in mind that the company has approx. $ 1 billion in debt, so to get the net figure attributable to shareholders you need to subtract that. They did not do that here because that is not what the thrust of the paragraph was:

" The company’s 1P combined equivalent reserves at December 31, 2009 were forecast to generate $4.6 billion of future net revenue, with a 10 % PV of $1.5 billion, an increase of 45 percent over 2008 levels.

The company’s 2P combined equivalent reserves at December 31, 2009 were forecast to generate $12.6 billion of future net revenue, with a 10 % PV of $2.2 billion, an increase of 40 percent over 2008 levels.

Connacher’s 3P combined equivalent reserves were forecast to generate $14.1 billion of future net revenue with a 10 % PV of $3.3 billion, an increase of 46 percent over 2008 levels.

On a per share basis, this estimated 10% PV of approximately $2.2 billion for 2P combined equivalent reserves equates to approximately $5.05 per Connacher common share outstanding, before provision for the value of Contingent and Prospective resources as estimated in the GLJ Year End 2009 Report, the value of the company’s refinery and its investment in Petrolifera Petroleum Limited and balance sheet adjustments. There are presently approximately 427 million Connacher common shares outstanding. This indicates the achievement of a substantial uplift of reserve value per share of approximately 40 percent during 2009, despite the approximate doubling of outstanding common shares during the year. The shares were issued to enhance corporate liquidity and strengthen the company’s balance sheet during the severe downturn in commodity prices, credit conditions and financial markets. This positioned Connacher to restore its growth program at Algar with the confidence of having sufficient funds to meet all financial obligations and to complete Algar without further recourse to capital markets.

Similarly, the 10% PV of the company’s combined equivalent 3P reserves equates to approximately $7.75 per common share outstanding. "

They are currently in the midst of a major drilling program that is expected to vastly expand their resource base. This drilling program (6 rigs concurrently) is expected to finish in the early part of March and a new updated reserve report is expected to be completed by mid year. So the above figures could increase substantially.

Connacher is still in the penalty box, but should be out of there very soon, once the drilling results are announced and the construction of Algar is completed in 54 days.