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