Historical perspective of PKD
valuation.
Book Value: $4.40 a share as of
06/30/99
Average Book Value from 1992-1998: 1.8 times Book
Value
Range of Book Value: 0.81 to 2.90 times Book
Value
Fair Price based on Book Value: $ 7.92 per
share
Ranging from $3.564 to $12.76 per share.
We are
close to the low end of the valuation, therefore I'm
staying with