Ann: Oil flows from Appalachia Program , page-15

For accounting purposes assets are recorded at the purchase price. All that mark to market nonesense only applies to more liquid assets which would sit in current assets under a heading like "cash and cash equivilents".

From the 2010 report:

Oil and gas properties
97,981,324 (Dec 2010)
57,525,732 (June 2010)

The market values the assets at 0 - damn.. I mean the market doesnt even value most of their current production or 2p reserves.

I think the $x000 per acre value you were throwing out are a good way trying get a feel for what it may be worth but the real value of the asset isn't realised until a sale. Given their solid financial position I think they can afford to realise that value.

Look at their long term strategy, they have gas hedged at 3x the current market value and they are developing oil assets. In 2-3 years time they will have oil hedged at 3x the market value and be developing gas assets.