To get a better handle on Petrohunter's share price - you will also need to follow everything you can find on Sweetpea as well as Paltar (http://www.paltar.com.au/) as all three of these are Bruner run companies. Sweetpea is a wholly owned subsidiary of PHUN and both are in a joint venture with Paltar to develop another 2 million acres to the West and South of Falcon's Beetaloo properties. Paltar is still private (but could go public at some point) and Sweetpea (PHUN) have a 50% interest each in the Paltar Beetaloo properties.

Obviously, if the Beetaloo goes into production and Falcon's share price escalates by 10X then PHUN will reap the benefits of owning almost 10% of Falcon's play - if they haven't sold off too much of their position by then. This would potentially put PHUN's holdings of Falcon stock at around $200 million and by extension the remaining properties that Paltar and Sweetpea own could possibly get a boost as well - with PHUN having a 50% interest in those lands.

If you do some digging on PHUN/Sweetpea you will find that they have approximately $75 million in debt outstanding. Therefore, my back of the napkin calculations seem to indicate that the almost 500 million shares outstanding would be worth around $125 million divided by 500 million share = 25 cents each or just over 11 times today's trading price of 2.2 cents. This does not take into account any appreciation for PHUN's share of the Paltar lands, but given that those 2 million acres are currently in Bruner's private Paltar holding - there may be little appreciation until it is proven that the Paltar lands are as prolific as the Falcon Beetaloo properties??