3 million brls of 2P reserves reported Dec 2007 at NPV $30/brl = $90mil
Current market cap at $1.05 = $66mil
Either COE has $24mil in net debt or the stock is undervalued
Net debt position last reported in annual report $1.7mil
Currently producing 3000bopd ($300,000/day) its hard to believe they have $24mil net debt
Conclusion: STU at $66mil MC is currently undervalued
