This is an extract of my post from another forum back in...

This is an extract of my post from another forum back in November 2009. It was a valuation of just 574P based on the BOW transaction.

VPE obtained 3.75% of 574P for:

+ $8m (cash)
+ $4.55m (13m VPE shares @ 35)
+ $1m (Additional permits given a nominal value of $1m could be +/-)
TOTAL $13.55m

Transaction implied value of 574P:

$13.55m (above) / 3.75% (above) = $361m

Therefore VPE remaining 30% of 574P has an implied value of $361*30% = $108.3m

Lets say post drilling it's worth $150m conservatively. Then there is 20% of P171.