I have been doing a bit more digging into asset valuations for O&G companies and found this:
http://www.srr.com/assets/pdf/oil-and-gas-company-valuations-business-valuation-review.pdf
It shows that typical metrics to determine the enterprise value of an O&G project are:
2.5x to 3.0x EBITDA; or
10x – 12x proved reserves; or
45,000x – 60,000x daily production. ...............
If we apply the daily production metric to current net production (25 boe Four Rivers, 100 boe Capitola), this implies an EV of $5.5m to $8.1m, or 1.3c to 1.6c per share (including $6m cash).