PetroBank
Posted: Wed Oct 13, 2010 8:18 pm
PetroBank has been the most undervalued stock in our Sweet 16 this year. It is heavily weighted to oil. It's stake in PetroBakken (PBN) and Petrominerales (PMG) is easy to determine since they are both publicly traded. Together they equal $37.76 per PetroBank share (just under the current share price). IMO the market value of PetroBank's Heavy Oil Division + the patented technology is worth at least $40 per share.
PetroBank Value in $Cdn
> PetroBakken (PBN) Ownership: 110,240,000 shares X 22.20 = $2,447,328
> Petrominerales (PMG) ownership: 65,720,000 shares X 26.26 = $1,725,807
> PetroBank's Heavy Oil Division PV of 2P Reserves: $3,300,000
> Value of THAI process: ( My estimate ) $500,000
Total value of assets long-term assets: $7,973,135
Add Current Assets as of 6/30/2010 $521,467
Less Total Liabilities as of 6/30/2010 $(2,450,227)
Break up Value $6,044,375
No. of Shares 110,500
Break up Value / share $54.70