Ann: Sugarloaf Operations Update , page-24

I've just done some back of a beer coaster calcs for AUT 10000 net acre base on petrohawk presentation ,AUT acreages (longhorn, ipanema & sugarloaf) are just to the west of blackhawk.
using the lower end of the estimate of 500Mboe to 53000 acres gives AUT 94.34Mboe for its 10000 net acres.

using $70 per barrel x 94.34Mboe = $6.6B
less 25% to land owners = $4.95B
less 15% costs? = $4.2B
less 100 wells at $10M ea to be generous $1B = $3.2B
less 30% tax = $2.2B

so $2.2B div 220M shares gives AUT $10 a share.

or anther way of looking at it.

at $10 per barrel in ground value 94.34Mboe = $943.2M div 220M shares you get $4.29 per share.
if you use $20 per barrel you get $8.58 per share.
comments welcome (I'm expecting to be shot down)