Alternatively, it is is not impossible GRMR might just buy them...

Alternatively, it is is not impossible GRMR might just buy them out.

I remember a few years back, there was a small oil stock called Emerald which was operating not too far from Entek (or, to be more exact, it owned some shares in a US company, also called Emerald, which was operating in this area.)

These days, the Australian Emerald is looking for gold instead of oil, having long ago sold their shares in the US company. This would appear to have been a wise move, for today the US company of the same name is in a rather sorry state.

The problem with Emerald, like so many other US oil companies, is they took on too much debt, so they have been forced into selling off their assets.

Anyway, the point is they sold off a small parcel of their acreage in early 2016 (below from the company website):

DENVER, CO -- (Marketwired) -- 01/13/16 -- On January 11, 2016, Emerald Oil, Inc. (the "Company") (NYSE MKT: EOX) and two of its wholly owned subsidiaries closed the sale of a portion of the Company's undeveloped leaseholds in Montana and North Dakota, consisting of approximately 9,750 net acres, as well as certain production from non-operated wells, for $9.75 million. The Company used all proceeds to repay outstanding borrowings under the Company's revolving credit facility.

That works out as exactly US $1000 an acre. This is roughly the same as what Sandridge paid for each acre in the transaction mentioned by Entek in the January activities report, so the $1000 US per acre seems a fair valuation if you want to attempt to asses the value of Entek's holdings.

Entek currently holds just over 60,000 acres, x $1000 =$60,000,000. Convert that to Australian dollars and it works out a little over $75 million at the current exchange rate.

Entek has 510 million shares outstanding. So, if the market cap of the company was to reflect the value of the assets at current market valuations, the ETE share price would be up around the 15 cent mark.

My point is that Entek is actually quite an 'asset rich' company, the key question is whether or not the management have the ability to convert the assets into dollars.