Ann: Preliminary Update on Full Year Reserves Report, page-7

Add in pref shares and NPV = EV pretty much.

Most O&G (and certainly AOK historically) has traded at a discount to NPV. In fact that has been the basis of the "buy" recommendation for many investors. The only reason for this price is if you are expecting significant upside in the near term and that seems unlikely to me.

Of course AOK is not unique in this. I think most of the O&G sector is way overvalued at the moment. They just haven't been as transparent as AOK.