rough sums

By my rough calculations please tell me of I'm wrong
At 3.5cents and 401 million shares
Current value = 401000000 * .035
=14035000.00 or 14 million 35thousand

Then times 12 million barrels times 100.00 a barrel
=1.2 billion dollars
Divide by 401million shares again
=$2.99 a share so almost 100 times undervalued just on the oil.

Is this the correct way to roughly work out value?