Is this a reality check (for the share price especially) with...

Is this a reality check (for the share price especially) with the WTI at $33? Spot for WBS quoted at one source as $22.75/Bbl.

Staying with the same train of thought used to answer your question (the $8.5M FTM estimate for EBITDAX), and using a range of 5-7x multiple of EV/EBITDAX, the implication is EV is $42.5M-$59.5M as a "reasonable" value. Given I assume $38M of Debt, it suggest MC of equity to range from $4.5M - $21.5M (US$)

Right now its $11M which is slightly under 6x.

That's just a relative measure. The investor has to decide whether he's happy to pay more or less than the peer average (so find E&P with similar debt ratios and production). What it wont tell you is the quality of the "Earnings". For that you'd have to start doing more in-depth study on how much of those Earnings goes to Interest payments (something I don't like on LNR for example or what is likely to kill EXXI) for starters. Eventually you end up with Net Income and thats negative (I think) for all oilers presently no matter what size or shape.

Guessing this is day traders at work.