dp must resign, page-181

Recently saw RFE share price and almost fell off my chair.

With 1P10NPV Reserves worth $277M and Debt of $100, an NTA of around $177M or 35 cps.

So with a big spread in share price to MKT cap $55M compared to NTA of 177M, I was confused.

I was wondering what capital requirements the company must spend on all acreage to maintain them, could they lose them if they did not spend any capital.

I wonder what is break-up value of RFE

if it went belly-up tomorrow, one would think that after paying out debt of $100M it would be worth $150M+ 0r 30 cps.

Has net production after royalties of 2000 BOED.

Maybe there are shorters.

Or is someone accumulating about to make a bid?

Time will tell.