JNX NAV / share = 5.2 tcf  * 0.13 (Working Interest) * 0.50 / mcf / 50 million shares

JNX NAV / share =   $ 6.76 per share

* $ 0.50 / mcf (Pareto Securities number from QEC bullboard)

Assumptions: 

1.  A horizontal well can be fracced to produce 4 to 5 mmcf natural gas.

2.  70% of JNX's acreage (155,000 + 55,000) is prospective and equivalent to the first well.

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NAV calculation does not include JNX's other ~700,000 acres.   Junex's gas reserve could easily double or triple!