Bhutos,We are talking here about the value that the market might...

Bhutos,
We are talking here about the value that the market might be willing to assign to each barrel in regard to share price, as opposed to the price a company might pay another company on a per barrel basis. Two different things, and it just pays to be conservative so as not to get one's hopes up.
Since you object to the use of $2 per barrel, do you have examples of market cap measured by number of barrels in reserve to back up your inference that a future potential valuation of $2 per barrel is on the extreme low side.
I just know that the market is a hard task master.

And by the way I do hold some and most certainly hope for a big strike.