Yes, I read it. Go to the recent annual report. There are $150,000,000 in estimated reserves. They used a 10% DCF to arrive at a discounted value of about $75,000.000. A 10% discount rate is required by law, but a more realistic rate is 6%, given the alternative rates of return on money. In any case, even using the 10% DCF, you are buying $1.50 in income for each $1.00 of trust units you buy. The 6% rate is more realistic and that ups the return significantly. Yes, the return will go down on the conversion, toabout $.50 cents, but it is still a decent deal at this price and I think the reserves are greater than estimated and you are buying $2.00 of annual cash flow for $12.00.
The stock may fall further. If it does, I buy more income even cheaper!