missing something?

Hi all MPO followers,
I've not looked at my MPO's for a while. Thought the new Mgmt would put some life back into this drawer liner. Wrong I was. Shares are down 20% since they took helm....

To be fair to them I looked in more detail and don't fathom what I saw as detailed below
On a pre-buy back basis
Shares & ops 257.7m @ $0.80 = Mkt Cap $206m
Less Cash $106m
Less 6.18m Legacy oil shares @ CDN 13.50 = A$80m

ENTERPRISE VALUE $20M - is that all MPOs assets are worth? surely not. The only thing that mamkes sense is that MPO buys back it shares at this price.

Are there any other explanations out there?