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Junex - Target Price Calculations
Data from May 2008 Junex Presentation
From Slides 17 and 18
At 70% prospectibility Barnett Type - Utica Shales
(Junex @ 15%) 519.4 Bcf
Outside JV 3010.0 Bcf
Total Bcf 3529.4 Bcf
Lorraine Shales
Assuming same potential 3529.4 Bcf
Total 7058.8 Bcf
50% land utilization factor 0.5
Net Gas 3529.4 Bcf
Using $0.5 per MCF
Total Net Asset Value = 1,764,700,000
Fully diluted Shares = 59.6 Million 63,200,000
Net asset Value per Share $27.92
Probabilities:
Horizontal Fracture Stimulation 0.9
Risked Target Share Price $25.13
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