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Enron Mail |
Valuation Date: 12/31/2002 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Withdrawal Capability 40% 90,000 54,000 32,400 19,440 11,664 6,998 4,199 2,519 1,512 Days 365 365 365 365 365 365 365 365 365 Withdrawn MMBtu 32,850,000 19,710,000 11,826,000 7,095,600 4,257,360 2,554,416 1,532,650 919,590 254,385 Beginning MMBtu 81,000,000 48,150,000 28,440,000 16,614,000 9,518,400 5,261,040 2,706,624 1,173,974 254,385 Ending MMBtu 48,150,000 28,440,000 16,614,000 9,518,400 5,261,040 2,706,624 1,173,974 254,385 - Price (CIG) 2.67 2.81 2.91 3.00 3.09 3.18 3.27 3.38 3.48 Revenue 87,639,694 55,363,748 34,400,849 21,273,200 13,143,535 8,116,018 5,016,490 3,111,049 884,771 Opex 15% (13,145,954) (8,304,562) (5,160,127) (3,190,980) (1,971,530) (1,217,403) (752,473) (466,657) (132,716) 74,493,740 47,059,185 29,240,721 18,082,220 11,172,004 6,898,616 4,264,016 2,644,391 752,055 Discounting 10% 0.954 0.867 0.788 0.717 0.651 0.592 0.538 0.489 0.445 $191,939,467 ($28,790,920) Value $163,148,547 Basis @ $.25/M 30,000,000 $133,148,547 less: Capex (68,000,000) Net Value $65,148,547 Sensitivities 105,000 90,000 70,000 Year One Avg Rate $70,130,533 $65,148,547 $38,283,088 20% 30% 40% Extraction Decline Rate $69,975,046 $68,568,401 $65,148,547 10% 20% 30% Opex (as % of revenue) $74,745,520 $55,551,574 $36,357,627 54,400 68,000 81,600 Capex $78,748,547 $65,148,547 $51,548,547
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