texas production , page-5

Who independently and seriously is valuing Texas at 200 million?

Texas is making 1 million profit which is just enough to cover Range's travel expenses.

The distinction I am making is between:
1. PDP (Proven Developed Producing)
2. PDNP (Proven Developed Non-Producing)
3. PUD (Proven UnDeveloped) Reserves

Range has plenty of [3] which in current markets has nominal value hence my valuation which is reasonable.

Perhaps the most interesting point that many have missed on the market cap discussion is that Range has double the stake of the shared Red Emperor drills, yet Red Emperor has a market cap of 38 million so essentially just for those shared drills (exclude Puntland off shore too), Range should have 76 million attributed to it. Clearly, the maths in market cap valuation between Red Emperor and Range are wrong. What do poster's think?

BTW, doing my maths I feel Range is now fair value and a Hold at current prices and in current market.