CSFB follows a universe of 19 E&Ps, VPI is not among them. According to CSFB the E&P industry trades at 4.7 times EBIDA and 4.1 times cash flow per share. VPI's EBIDA for '04 is $425 million times 4.7 equals about $2 billion less debt net of cash of $600 million for implied market cap of $1.4 billion divided by 65 million shares equals ~$21.50 a share. Cash flow per share of VPI is running at $5.60 times 4.1 yields $23 a share of implied value. CSFB also does calculations based upon proven reserves. For example, they value PXD at $8.50 per barrel of reservesOE implying that it is currently undervalued by about 25%. PXD has about 16% of their reseve base in Argentina. If VPI were valued at $6 per barrel of reserves , its implied market cap would be $6 times reserves of 427million BOE = $2.562 billion less $600 million debt or $$1.96 billion market cap or ~$30 a share. Still some room to move higher IMO.