PBG is not based on reserves, but their bakken earnings. They have not actually booked much for reserves in the bakken. They extract the oil from the shale using horizontal wells. This has become very common in the Bakken, and many companies are getting awesome rates with them. Companies like Continental Resources are getting incredible results well after well. There is no thai or smoke and mirrors going on here.

As for the numbers, I will get them hopefull by tomorrow or Monday.

I am not here to bash or downtalk CLL, but more to bring a more realistic view and a better understanding of CLL, CLL vs the other jr's that are out there, and to CLL's share price. I am a very large holder of this company and do believe it will do very well over the coming years. I do not, hewever, sit here and demand a higher SP because I believe it will do well. Instead of sitting here complaining about how the SP is not $7, i find it more constructive to actually try and figure it out. The oilsands are a very well researched sector and I see mispricings in very few companies at the moment. I therefore take the viewpoint of posters such as Lynn, slow and steady and we'll be fine... we've got everything we need and will one day be paid multiples of what we originally paid for our shares..