PMG paid $51,000 per flowing barrell of lower (relatively speaking) netback production.

I think you can easily apply $60,000 per flowing barrell for PTA, likely more, despite low 2P numbers.

Assume they can hit 6,000 bopd by year end (exit rate), easily achievable in my opinion.

6,000 bopd x $60,000 per bopd = EV of $360M.

Debt and cash are a wash.  

580M shares o/s + (0.2 & 0.35/sh wts & options) 168.5M = approx 750M shares partially diluted.

yields a value of 0.48/sh, not including any exploration acreage or successes, and based on conservative exit rate production numbers.