IMO the valuation was incredibly beaten down.  I stumbled across it and bought in.  This was my rationale... Production was increasing as per the recent corp presentation (proven success in their methods and the opportunity they've defined).  The NPV in  the report is based on last years reserve report where production is less than half of current reported rates and the forecasted 2013 capital program looks achievable based on the results they've been getting to date.  The reserve report will be out shortly and has to go up with the significant changes in production that they've executed.  Hence why I think we're seeing the anticipation of the report.  The question is what is the market going to value it when it comes out.  The fact is the 2000bpd company with a ~$50/bbl margin and $25MM debt.  All valuations that I am using are significantly higher than current prices.