From my estimates Harken's true upside is around 30 tops!. There are many shares outstanding!!!! (compare valuation to Seven Seas)
Though this may cap the stock it does put Harken in a very solid finacial position. As everyone knows it is one thing to find oil, it is another thing to bring it to market. Harken is positioned finacially to drill the 100 + wells it will take if there is oil under those hills. Let's not forget about all the young oil companies that have faltered do to poor finacials. Mr. Faulk is a savvy CEO and he has positioned this company for the LONG TERM.
Not to question your figures, but to try to relate them to earlier analyst reports, if it is not too much trouble would you share them with us? I have seen some wide, and very wild, conjectures. It seems to me that it is difficult to set upper or lower ranges without completing well testing.