In a past news release we were informed that they were pumping 5652 BOEPD net to Ithaca.

That works out to about 38-39 million US in cash flow (not minus expenses and amortization, blah blah).

That is pretty healthy for a company that does not have any debt (because of the Dyas transaction).

There are 2 NR's that I have not placed on this board yet, but they are encouraging as one relates to using that cash for aquisitions and the other tells of a successful pressure well that was drilled into Jacky under budget and ahead of schedule.

In my opinion this company is starting to shape up nicely.

I worked out a rough cash flow of about .95 a share for the entire year based on these numbers, I am not an engineer, so working out a NAV calculation is not my forte, but I would suggest that the share price is way undervalued for what they are now producing and it should take at least another quarter for the rest of the market to see that.

2 quarters of sustained cash flow should give this company a 2.00 target, in my opnion of course. The general sentiment for multiples of cash flow to share is about 3.15.

I could be really conservative here or way off base, I hope that if someone else is reading this board and have more knowledge (i am a gold and copper guy myself), post it and we could go from there.

Andy