4mil shares of pfc is only worth around $1mil, your not going to drill oil wells with that little money.
My guess is they merge with pfc so pfc can take back their 4mil shares, but pfc is in the same boat, no cash to continue.
oh, and for sparky, I have him on ignore now, but I guess I can give him one since he doesn't seem to understand much. Sparky, better stop playing the markets if you don't understand that book value means nothing for a junior.
your .28 book value is based on the current assets as put forth in the financial results. last financials showed $30,861,893 and outstanding shares is stated at 107,404,440 which comes out to ~28.734280445 cents per share.
I don't consider book value for juniors EVER because they can use IFRS 6. Did you even read IFRS 6? Here's a quote.
"Exploration for and evaluation of mineral resources mean the search for mineral resources, including minerals, oil, natural gas and similar non-regenerative resources after the entity has obtained legal rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of extracting the mineral resource. [IFRS 6.Appendix A]
Exploration and evaluation expenditures are expenditures incurred in connection with the exploration and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource is demonstrable. [IFRS 6.Appendix A]
IFRS 6 permits an entity to develop an accounting policy for recognition of exploration and evaluation expenditures as assets without specifically considering the requirements of paragraphs 11 and 12 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. [IFRS 6.9] Thus, an entity adopting IFRS 6 may continue to use the accounting policies applied immediately before adopting the IFRS. This includes continuing to use recognition and measurement practices that are part of those accounting policies."
So my calculation takes that out completely and you get the following numbers. Assets valued at $30,861,893-$28,454,337=$2,407,556 and shares at 107,404,440 gives you book value of ~.02241579584.