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The SEC requires oil exploration and production companies to report the discounted present value of the revenue stream from their proven reserves each year. This report can be found in the 10-K of each company.

In the case of Pennzoil's 10-K from 97, that present value broke down to about $28.00 per share, which leads me to think that PZE is wildly undervalued at $10 and change.

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