Ann: Oil flows from Appalachia Program , page-13

Yea the gas acerages are worth something, but I think from managements point of view they are long term assets, similar to the australian shale acerages.

The company is committed to developing the oily shale ~70 mmb late 2012 (probably 2013) assuming hydro fracking passes.

They are also comitted to growth by aquisition.

In addition they have proven pretty damn effective at driving efficiencies out of their existing operation.

So really they have all three:

Large Long term assets
Good short term prospects (with the shale possibility, development of their existing wells, new drilling programs and aquisition prospects)
Currently production numbers showing steady increase

How this has a market cap of 30mil next to some of the dog oil and gas stocks on the ASX is really beyond me.