It seems you don’t know what a refinery could bring in terms of sales? It is very obvious and clear if one does the DD to find out. I have no intention of helping you as you are a basher but a 100,000 bbl refinery would have significant sales and there is a multiple for refineries sales which exists.

So, even if one used 1.2 billion shares, it wouldn’t be an issue. I invite you to do the analysis and DD.