what is 11.4 million barrels of 2p oil worth, page-20

interfc, what do you see the value of ELK on release of succesful 2P reserves of say 11.4m rather than the whole 23m

Some have provided their basis, whether right or wrong.

I have compared another listed company CVN which has 11.4m of 2P reserves and it has a cap value of over $330m. As some one pointed out CVN is also producing 4000 barrels a day.

However, with ELK cap value of only $42m or so, going to $1-$1.50 seems very undervalued at that price. It would be worth CVN or other company to takeover ELK at $2 (or $120m) a share to buy a further 11.4m or 23m depending on the outcome of the RS report. which is still pretty cheap.

PS does anyone have an idea of what oil companies in the US are paying for 2P reserves.