Ann: 92 Feet of Gas Pay in Borba 1-7 Well, page-256

Comparing the two companies value purely based on their MC and current SP (wit SOI) for this project seems to be a pretty common topic.
It's far to simplistic to simply look a the SOI and percentage of this deal each company is receiving to make a call on why one should be worth $X more (MC size) than the other.

Has anyone interrogated the financials of both XST and SGC beyond "SGC has a bigger piece of the pie than XST and with SOI should have a much larger market cap".
I haven't deep dived into their financials, however their is a plethora of reasons why the MC of the two "feel" too close together.
What are the debt ratios for each of the companies, liabilities, assets etcetera etcetera?

I think it is naive and simplistic to believe that it is down to peoples views that XST is simply a cheaper entry point. Yes, there is of course psychology of share parcel sizes and of a feeling of bang for your buck, but what if, and again, it's purely hypothetical as I have not interrogated the financials of each company that one carries far more debt that needs to be repaid in the future than the other (an incredibly simplistic example).
A lack of information on making calls around respective market caps of companies based on one dimension (in this case Borba) of information is not exactly wise. FA is the key and could shed more light on what appears on the surface to be "madness".
Just my 1.4 cents worth