to be blunt, page-15

Silverfox3731,

Not advice so DYOR

Personally I find it much easier to value this on production than reserves. I use 100k per BOEPD. This is what I value the company at, but the SP seems to lag this by a few % (ie current production is 700-800 BOEPD, share price is $64 Million).

Most producing companies are around 60-100k / BOEPD. I see AOK toward the top end due to excellent well economics and high oil ratio. Also the current high price of oil.

Companies with relatively low production may be better valued on acres (or reserves if they have them).

Just my 2c, hope it helps.