If you look at 6,000 bpd flowing @ $45,000 per you get $270,000,000

                                                         @$65,000 per you get $390,000,000

Fully dilluted less the 200,000,000 unexercised warrants at .75 & 1.25  you get roughly 750,000,000 shares

That gives us  .36 per share @ $45,000 per flowing barrel, about exaclty what we're trading for today.

                          .52 per share @ $65,000 per flowing barrel.      

As you can see there is plenty of room from this article for a higher transaction price.  As Columbia continues to improve its security situation and infrastructure.  

    http://blogs.calgaryherald.com/2012/02/24/natural-gas-asset-sale-prices-march-ever-lower/

There is good reason why buyers took up these shares today.  We are still priced at the bottom end of the scale.  

GLTA