Ann: Updated Proved Reserves , page-5

market cap at $70 mil.

proved reserves at $35 mil which was done on a $91 oil price. and possible cash of $30mil.

From this you could say we are fair value based on proved reserves and cash alone.

I'd guess we are now selling oil above $100.
Add in the value of 20,000 acres at Hawk Springs which would have some value + our other projects including the 3forks in North Stockard and our two vertical wildcat well projects and you could say we are undervalued.