Not sure of anyone that uses the book value of a small O&G...

Not sure of anyone that uses the book value of a small O&G company in their analysis....
Far better methods around and that why the shareprice hasnt changed even though 20% of the book value has been wiped.
Reserves and resoirces didnt change due to the write down, they still have the leases they had before and they still have the technical analysis of the exploration wells that were previously put on the balance sheet.