Ann: Second Eagle Ford Well , page-21

donteatme,

page 7 of the recent AGM presentation cash as at May 2011 is $34m.
Debt = $0
Carry forward tax losses = $30m

Shares on Issue = 242.5m

Depending on how you want to calculate it:
Pure cash backing = 34/242.5 = $0.14 per share
Cash + tax benefit = (34+30)/242.5m = $0.26 per share

the question then becomes what is the acerage worth....
At $0.58 the implied value is say $0.32 ($0.58-$0.26).
$0.32 x 242.5m = $77.6m

5,900 EFS acres + Wilcox + Olmos for $77m? I'd have thought TXN would get taken out by a corporate predator long before we got to cash backing.

Gotta agree with OGG though - there is a flight to safety and the fundamentals are getting thrown out the window.

Don't agree with the market and I'm buying as I can but as the saying goes ... the market can remain irrational far longer than a lot of investors can remain solvent.