After reviewing the March 19, 2010 filing, I was curious to see the dramatic increase shown in Appendix A summarizing the NPV of all reserves (it now exceeds $2.7B). I decided to compare the trend of NPVs to Debt and Share Value.

Below I wanted to show Debt and Share Value in relation to the filed NPV (before tax) for each of the last 4 years. The NPV values are from the Annual filings, and the Debt and Share Value are derived from the year end financials. One caveat, I used the Dec 31 share price, but used the ACTUAL outstanding shares, options and awards as the date of the financial statements (as provided by the company).

There's enough arguments for both factions of "too much" or "too little" debt or common shares outstanding. My purpose is not to support one side or the other, my purpose is to undersand how much more "wiggle room", or money can we afford, to extract the balance of the $2.7B. Good Luck....