Good work, Booster.

IMO your table (NPV @10%/ market capitalization) shows that market gives CLL little credit for the reserves. Some how the risk adjusted NAVPS is discounted due to extraordinary debt/cash ratio of 8.5 for 2010. 4 to 5 times higher then industry average.

In one of the email I received from DG he explain that he does not do much drilling because market does not give him the credit for.

Speaking about increase value of the reserves in 2009. I like to point out that all increase came from the "calculator" and not a increase from the drilling. Old reserves from 2008 we multiplied by new prices from 2009. Just the calculation trick.