Shale Natural Gas Company Evaluations

Feb 9 (Reuters) - Following is the Thomson Reuters North
America Shale Gas Valuation Index, based on closing share
prices from Feb. 8.

For a related story, double-click on [ID:nN09246576]

Data from from StarMine, a Thomson Reuters company, using
the 12-month forward SmartEstimate, a measure that selects
estimates from only the most accurate analysts.

StarMine Intrinsic Value is a variation on the
dividend-discount model methodology that adjusts for biases
uncovered in analyst forecasts.
EV/EBITDA
Index average                         7.0
Range Resources Corp (RRC.N)         11.9
CNX Gas Corp (CXG.N)                  9.7
EQT Corp (EQT.N)                      9.0
Exco Resources Inc (XCO.N)            8.4
Southwestern Energy Co (SWN.N)        8.4
Petrohawk Energy Corp (HK.N)          8.1
Quicksilver Resources Inc (KWK.N)     7.4
Cabot Oil & Gas Corp (COG.N)          7.3
Carrizo Oil And Gas Inc (CRZO.O)      7.3
Forest Oil Corp (FST.N)               7.2
Encana Corp (ECA.N)                   7.2
Goodrich Petroleum Corp (GDP.N)       7.0
Encore Acquisition Co (EAC.N)         7.0
EOG Resources Inc (EOG.N)             6.4
Chesapeake Energy Corp (CHK.N)        6.3
Comstock Resources Inc (CRK.N)        6.1
Anadarko Petroleum Corp (APC.N)       5.6
Devon Energy Corp (DVN.N)             5.4
Newfield Exploration Co (NFX.N)       5.1
Cimarex Energy Co (XEC.N)             5.0
Apache Corp (APA.N)                   4.4
Talisman Energy Inc (TLM.N)           3.8
PRICE/EPS
Aggregate:                           16.0
Range Resources Corp                 57.4
Comstock Resources Inc               47.0
Encore Acquisition Co                45.1
Anadarko Petroleum Corp              33.1
Cabot Oil & Gas Corp                 29.4
Petrohawk Energy Corp                29.0
EOG Resources Inc                    23.5
Encana Corp                          23.3
CNX Gas Corp                         22.3
EQT Corp                             21.2
Talisman Energy Inc                  20.4
Southwestern Energy Co               19.5
Exco Resources Inc                   16.8
Quicksilver Resources Inc            15.1
Carrizo Oil And Gas Inc              13.9
Forest Oil Corp                      10.9
Devon Energy Corp                    10.9
Cimarex Energy Co                    10.5
Newfield Exploration Co              10.2
Chesapeake Energy Corp                9.9
Apache Corp                           9.5
Goodrich Petroleum Corp               ---
PRICE/INTRINSIC VALUE
Aggregate                             0.91
Range Resources Corp                  2.05
Comstock Resources Inc                1.86
Encore Acquisition Co                 1.85
Anadarko Petroleum Co                 1.78
CNX Gas Corp                          1.54
Cabot Oil & Gas Corp                  1.38
Petrohawk Energy Corp                 1.37
Talisman Energy Inc                   1.34
Southwestern Energy Co                1.16
EOG Resources Inc                     1.15
Cimarex Energy Co                     1.10
EQT Corp                              1.08
Newfield Exploration Co               0.95
Quicksilver Resources Inc             0.84
Exco Resources Inc                    0.83
Devon Energy Corp                     0.75
Apache Corp                           0.71
Carrizo Oil And Gas Inc               0.70
Encana Corp                           0.69
Forest Oil Corp                       0.68
Chesapeake Energy Corp                0.56
Goodrich Petroleum Corp               ---
 (Reporting by Daniel Trotta; Editing by Gerald E. McCormick)