Oil and gas wells are easy to model if you do the work.
The production data for an AOI is public on the OCC and decline rates follow a particular exponential curve. Using that you can calculate average production for a well. We also have IP for Jewell, Rangers and very soon Flames.
Costs per BOE with a bit of work can be estimated, royalties are 20% and oil / gas prices can be extrapolated from Nymex futures.
Plug in the data, calculate the annual net cashflows and then discount back for a NPV.
Do that for 21 wells and there is your value - a rough estimate of what the companies assets are worth.
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