roc should move up strongly from here , page-16

android

a very simple and inaccurate way of judging value imo

Firstly many of your examples have debt in the form of convetible bonds, ROC has net cash
A fair chunk of AWE reserves are not only not developed but require a huge inv

BPT reserves are mostly gas and BPT has convertible bonds and a marlet after you minus them less than 10% of marlet cap in cash

Senex fields such as worrior have very long tails thus dividing reserves by current production is wrong. They aslo have limmited non committed cash

I could go into detail of every company as i know of them all relatively well and like them all and have owned them all in the past, you analysis doesnt really make a correct comparison. as i said ROC could do a AWE and purchase 15 million of undevelped reserves which would put them at number one, but that would change nothing in terms of currnet value