Tracer, since you have been such a long time holder of this stock, I really respect you but get the feel that you are agonizing over what is going on.
No disrespect intended I would suggest that you call Ihor and ask him what he/PKZ see behind what is termed by many here as an all out attack of the Kaz gov to break or oust PKZ.
I called yesterday, and calling Canada from Lux comes at a steep cost. But that call was more than worse it, and you will get an angle on this that makes a lot of sense.
After that call I had a good nights sleep with rosy dream.
"I can see the futures contract table out several years and can readily see that no contract is selling for anywhere near $100/bbl."
...two years ago, the futures contract for CLA in 2005 was in the 20's. Today, 2005 CLA goes for $60! CLA contracts in 2006, 2007, and on are still trading too low. Some option contracts for CLA in 2010 have been written with a strike price of $100.
"By your logic, just about every company that is currently producing is a screaming buy"
....Correct! The average PE of the oil companies seems to be around 10. The average S&P 500 stock is valued at at PE of 18 or so. With oil prices destined to go higher thanks to Peak Oil, most oil companies are super bargains right now!
The stock hit 46.92(high) last quarter, and would have hit 52(high) this last quarter if not for Luke Oil and government "Gas Flaring" issue! If 45-50,then expect no buyout!
If you figure that then add a premium to 52! Otherwise the company can't explain a sellout.